Regarding: Massachusetts General Laws (MGL) Chapter 183 Section 63 A
This petition is in regard to MGL Chapter 183 Section 63 A Revisions in mortgage terms; restrictions; fees. It says: … (ii) The interest rate on any such note and mortgage, after any such revision, shall not be in excess of the interest rate on the existing note and mortgage so revised
If a mortgage was modified under the Home Affordable Modification Program or modified under the traditional modification and your rate happened to be lower than the current standard modification rate which is at 4.50% effective 10/14/2014, you cannot be modified in the Commonwealth of MA. If your rate happened to be lower than the current rate and you are declined for HAMP for whatever reason, you cannot be offered a traditional modificati