Proposed Bill Intends to Require Court Approval before Foreclosures in Massachusetts
Massachusetts Secretary of State William F. Galvin has announced plans to submit a legislative proposal in January to force mortgage banks across the state to obtain court approval before repossessing homes as part of foreclosure. The proposed bill is logically intended to give homeowners more protection and at the same time address specific concerns on how foreclosure procedures are actually conducted.
Secretary Galvin said the bill is a revival of a proposal that was rejected by state legislators in 2008. The aborted bill was turned down due to questions regarding the validity of foreclosed properties' titles. At that time, issues of validity of titles were considered as major threats to the Real Estate market across the state.
Currently, Massachusetts is among 27 states in the country where foreclosures are not required to be reviewed legally. In reaction to the proposed bill, several banks and Real Estate lawyers agree that mandating such judicial approvals would only create another layer of bureaucracy, which would certainly result to delayed foreclosures and eventually to a slower recovery of the housing market.
It should be noted that foreclosure procedures usually take longer in states where courts need to sign off foreclosure documents first. According to the Federal National Mortgage Association (Fannie Mae), it could take 180 days or more for a foreclosure to be completed in states that require judicial oversights on such proceedings. In comparison, in Massachusetts and 26 other states, it only takes about 90 days for completion of foreclosures to take place.
In defense of his stand, Secretary Galvin said he is confident that a court oversight would effectively help in resolution of uncertainties concerning titles, which have already put numerous properties in limbo. He added that the process could be accelerated and finality could be ensured.
In support of the proposed bill, lawyer Geoff Walsh of the Boston-based National Consumer Law Center said longer timetables for foreclosure processes would provide homeowners and even banks with more time to explore other options and solutions. He added that more communication between the parties would be more beneficial in the long run. It would even be cost-effective to the lenders as the foreclosures would be hassle-free and final.
The proposed bill comes amid rising concerns about foreclosure practices of mortgage servicers across the country. Regulators and state attorneys are now looking at some consumers' allegations that mortgage banks process foreclosures hastily and without proper legal review.
For more related news, go to ForeclosureConnections.com.
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