Massachusetts bill would require judicial review of foreclosure requests
12/07/2010
By Credit.com Staff
Massachusetts Secretary of State William Galvin will soon introduce a bill requiring lenders to get approval of all foreclosure requests from a court, according to a report in the Boston Globe. The new piece of legislation is similar to one that was struck down two years ago.
Housing experts say the foreclosure process is currently restraining the state's real estate market, as Massachusetts is one of 27 states that does not require judicial review of foreclosure requests, the report said. However, lenders and some real estate lawyers argue that introducing such a rule would only draw out the process further and slow the market's recovery.
Many consumers who may be facing foreclosure may benefit from exploring options such as a refinance, which could save them hundreds of dollars a month because interest rates are hovering near all-time lows.
