Massachusetts Foreclosures To Be Reviewed
Finally, the Massachusetts Office of Consumer Affairs and Business Regulation announced that they would review lenders’ foreclosures procedures. We don’t know if they have been reading our blog articles about GMAC Mortgage and the improper documentation foreclosure crisis, but they are finally acting to protect consumers.
This is a welcome development because foreclosures are up dramatically in Massachusetts. The latest numbers show that there were 1,207 foreclosures in August, an “83.2 percent increase from the 659 reported during the same month in 2009.” The Massachusetts Division of Banks, the Attorney General and the Office of Consumer Affairs apparently have woken up and are beginning to work, along the with the feds and other states, to determine what can be done do make the foreclosure process fair.
Consumer advocates, and especially housing advocates, will surely continue to monitor the process. What they have determined is that banks and lenders have been filing foreclosures on properties without proper documentation, without clear title documents, and by forging affidavits that are filed in Court to secure foreclosures. Many homeowners have fallen victim to these practices, in Massachusetts and through the country.