Attorney General Martha Coakley is in support of legislation to stem the tid of foreclosures in the commonwealth of Massachusetts. Our attorney general has joined with our legislators on Beacon Hill.
I am pleased that she is supporting the efforts by Sen. Susan Tucker, Rep. Steven M. Walsh, Sen. James E. Timilty, and Rep. Barry Finegold.
"Our legistration mandates that creditors take commercially reasonable efforts to avoid foreclosure on mortgage loans securing homes that are owner-occupied," she said.
In a speech this morning before the Greater Boston Chamber of Commerce, Coakley said one bill co-sponsored by Sen. Susan Tucker (D-Andover) and Rep. Steven M. Walsh (D-Lynn) would require lenders to take measures designed to keep families at risk of foreclosure in their homes by reducing the interest rate and the principal owed. boston herald.
This legislation will mandate that the creditors work with the client to avoid foreclosure. Co-sponsors of second measure are Sen. James E. Timilty, a Walpole Democrat, and Rep. Barry Finegold (D-Andover), would have require that property/absentee owners, lenders, and service companies would have to register and maintain the vacant and foreclosed property. If they did not they would be fined.
"These foreclosed properties, which can remain empty for months at a time, are susceptible to building code violations, deterioration, criminal activity such as copper stripping, theft and arson," she said. "A statewide registry would centralize this information."
This just makes sense. In the end the lender would sell the property at considerably less and in not to repair perhaps too. We have all seen these properties and written about the deplorable condition they are in. It is at tmes unsafe to walk through them. I had one appointment where I had to walk down the basement to get to the first floor of the house because I couldn't enter by either door.
Pat Baker, Real Estate Expert - Needham, MA: Coldwell Banker Residential Brokerage. Serving my clients in Needham, Dover, Wellesley, Weston, Westwood, Sherborn, Holliston, Millis, Medway, Medfield, Dedham, Natick, South Natick, and Newton.
617-453-3471 www.patannbaker.com
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