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.