Brockton Legislators Seek Bank Foreclosure Registry Bill

BrocktonPost

BROCKTON--Brockton's state representatives and state senator submitted testimony last Tuesday in support of a bill that would require a bank or other financial company looking to foreclose on a home register itself as the agency seeking foreclosure within 30 days.

State Representatives Michael D. Brady, Christine E. Canavan, Geraldine M. Creedon and State Sen. Thomas P. Kennedy submitted testimony on Tuesday, February 8, 2012 to the Joint Committee on the Judiciary on a bill that has been filed by the Brockton Legislative delegation, according to a statement from Brady's office. 
"This is a step in providing homeowners a chance in a market that has been impacted by less than ethical behavior," Brady said in the statement. "It represents a process that has been followed faithfully by local banks and lenders but ignored by the large corporate lending institutions with little regard for property owners,” he said.

In the wake of the housing market collapse, homeowners have had a difficult time determining the ownership of their mortgage when attempting to modify, refinance or restructure an existing loan, short-sell or avoid foreclosure of their home. 
The Massachusetts Registrars of Deeds have reported that almost a quarter of all foreclosed homes were seized by a bank that was not a bank of record at their local registry.

House Bill 3934, states “An act to increase transparency in the Massachusetts land record systems to protect the property rights of homeowners and businesses” would require all mortgage lenders to file notice of any assignment of a mortgage with the County Registry of Deeds with in thirty days of that assignment.

Also providing testimony were Plymouth County Register of Deeds, John R. Buckley, Jr., Esq. and William P. O’Donnell, Norfolk County Register of Deeds.

A similar bill has also been filed in the State Senate by State Sen. John F. Keenan of Quincy who attended the hearing and spoke in support of the legislation.