Alert March 25, 2008

Massachusetts Issues Letter on Securing Vacant, Foreclosed Properties

The Massachusetts Commissioner of Banks, along with the State Fire Marshall, issued a letter regarding the responsibilities of lenders in securing vacant, foreclosed properties. Among other things, the letter states that lenders must secure vacant, foreclosed buildings by first obtaining the written approval of both the head of the fire department and the building department for the method of securing the building. Click here for a copy of the letter.