The Massachusetts Senate last week passed Senate Bill 2298, “An Act to Prevent Unlawful and Unnecessary Foreclosures.” The Senate vote came just weeks after the House of Representatives passed similar legislation, (see MLS Alert on House Foreclosure Legislation) and sets in motion a negotiating process between the two chambers to come up with a consensus bill before the end of the legislative session on July 31, 2012.
The House and Senate bills are largely similar, with the goal of reducing foreclosures by forcing mortgage lenders to analyze a number of factors on individual loans before entering foreclosure proceedings on residential homeowners. Under both the House and Senate bills, banks would be required to prove through a formula that foreclosing on a mortgage would benefit the bank more than modifying the loan.
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