HOUSE DOCKET, NO. 4845 FILED ON: 6/8/2016
HOUSE . . . . . . . . . . . . . . . No.
|
The Commonwealth of Massachusetts
_________________
PRESENTED BY:
Carlos Gonzalez
_________________
To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:
The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:
An Act to require banks, lending institutions, mortgage companies or sub lenders to file with the registry of deeds in each county within thirty days of mortgage sales and/or foreclosures of property.
_______________
PETITION OF:
Name: | District/Address: | Date Added: |
Carlos Gonzalez | 10th Hampden | 6/8/2016 |
Gailanne M. Cariddi | 1st Berkshire | 6/15/2016 |
Tackey Chan | 2nd Norfolk | 6/20/2019 |
Carole A. Fiola | 6th Bristol | 6/15/2016 |
Frank A. Moran | 17th Essex | 6/15/2016 |
Denise Provost | 27th Middlesex | 6/16/2016 |
Jose F. Tosado | 9th Hampden | 6/15/2016 |
Timothy R. Whelan | 1st Barnstable | 6/16/2016 |
HOUSE DOCKET, NO. 4845 FILED ON: 6/8/2016
HOUSE . . . . . . . . . . . . . . . No.
By Mr. Gonzalez of Springfield, a petition (subject to Joint Rule 12) of Carlos González and others relative to lending institutions filing with the registry of deeds. House Rules. |
The Commonwealth of Massachusetts
_______________
In the One Hundred and Eighty-Ninth General Court
(2015-2016)
_______________
An Act to require banks, lending institutions, mortgage companies or sub lenders to file with the registry of deeds in each county within thirty days of mortgage sales and/or foreclosures of property.
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
An Act to require Banks, Lending institutions, mortgage companies or sub lenders to file with the registry of deeds in each county within thirty days of mortgage sales and/or foreclosures of property
The legislation seeks to avoid allowing the houses to “become so dilapidated, deteriorated, abandoned and/or decayed so as to present a danger to the health, safety and welfare of the public.
The mortgage meltdown and many foreclosed properties are having a ripple effect in low income and residential neighborhoods caused by foreclosures and the lack of mortgage holders and banks not filing with the registry of deeds in order not to identify themselves as the responsible party when they have foreclosed or sold the mortgage of the property.
The homes are abandoned, neighborhood property values are falling and blight is spreading. Already cash strapped cities are left to address the many resident complaints with little recourse if they are not able to locate legal ownership of mortgage owners who have either sold of foreclosed on property owners.
This is creating a huge economic crisis on our local municipalities. Local and State Housing code violations go unresolved and fines uncollected because the banks are failing to record with County registry of deeds transactions.
Abandon properties that go unrepaired will potentially be required for demolition, it is estimated demolition costs are $16,000 per property and maybe greater than $40,000 if fire occurs.