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Massachusetts Bill Aims to Help Victims of Home Foreclosures by State

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By : John Cutts    99 or more times read
A law has been passed in Massachusetts designed to protect homeowners and tenants, who are victims of home foreclosures by state, from being indiscriminately evicted from their homes. The original bill was authored by Senator Susan C. Tucker and took two years before being officially declared a regulation.

Almost all areas of the state suffer from the impact of numerous properties under foreclosed property listings, including Milford foreclosure listings. This has resulted in a big number of residents being evicted from their dwellings as the state grapples with the housing industry crisis. In Brockton alone, the place where the bill was signed into law, a total of 2,500 homes were reportedly lost to foreclosures since the start of the nation's economic troubles.

How the new law will affect foreclosure listings in Massachusetts will eventually be decided by the State Banking Commission as the agency is tasked with ironing out the details related to the law's implementation. According to analysts, this is good news to homeowners and renters since the state has been known to be fair when it comes to promoting consumer rights.

As the number of home foreclosures by state continues to escalate, the new law is being seen as a welcome development. Among its major provisions are protecting tenants living in properties facing foreclosures from no-fault evictions and encouraging banks to negotiate with borrowers for loan modification agreements or they would have to wait for five months before they can foreclose.

The new regulation also encourages the redevelopment of homes under foreclosed properties listings by offering tax breaks to nonprofit organizations that rehabilitate such properties and convert them into affordable homes. It also makes housing market-related fraud a criminal offense and provides counseling to senior citizens who are seeking reverse mortgage deals.

According to some reports, majority of mortgage servicing firms and banks were not too pleased with the new law, while some were surprised that after two years of being deliberated upon, the bill suddenly became a law within a week. Some lenders also allegedly expressed concerns that the new regulation will drag the process of foreclosure for months which they believe will not help the problem of home foreclosures by state in any way.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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