Action was finally taken yesterday with the REFILING of a bill by Martha Coakley's office of the Massachusetts Attorney General.
A previous bill had been filed last year in the Legislature but no action of voting upon it had ever been initiated.
Hopefully this new filing will call the Legislators to pass this bill, your help is needed. Let your Legislators know how you feel about this important issue which may be immediate to your own household, family members, co-workers and your community.
With the passing of this bill it would require banks to offer loan modifications to all SUBPRIME loan holders prior to the action of foreclosure! This is a big step forward as it may and should help many of our Massachusetts homeowners stay in their present homes.
The banks and or creditors will be required to analyze whether the monthly payment with modification would be more beneficial and higher than the results of a foreclosure's potential losses and the sale of the property. If the calculation results in the modification being a better option then the modification MUST BE OFFERED.
Let me repeat again, this is a Bill in Massachusetts which has been refiled yesterday. This bill has not passed. The Legislature will be called to act upon this bill but your voice is important, let your politicians know how you stand on this, ask for their support to keep your neighbors or yourself in your homes.
As I reported on before about the findings of the Massachusetts Supreme Judicial Court upholding the overturning of two foreclosure actions in Springfield Massachusetts last month because of inability of the lenders to present proper documentation as to who held the notes on the property is also important back up information to this bill.
With the passing of this bill lenders will be required to prove they do have the proper documentation inorder to foreclose on the property in question and also the consumer will be permitted to sue a lender.
Should you need more information on loan modifications, short sales, foreclosures and bankruptcy in Massachusetts I would be most happy to assist you and introduce you to my team of legal and financial advisors as well. Start by giving me a call, my direct line is 781-910-7294 and confidential emails to MaryBeth@TradeWindsRealtyGroup.com . I would also be most interested in connecting you with the proper legislators for your areas in Massachusetts. Let your voice be heard!
TradeWinds Realty Group LLC servicing Massachusetts and the Globe!
We cannot direct the wind but we can adjust the sails. ~Author Unknown
MaryBeth Mills Muldowney, Massachusetts Real Estate Broker and Licensed Auctioneer
"The pessimist complains about the wind. The optimist expects it to change.
The Leader adjusts the sails." -John Maxwell
Founder and President, TradeWinds Realty Group LLC
MaryBeth@TradeWindsRealtyGroup.com
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