Grassroots Efforts To Stop Flood Of Repo Properties-sorpack

14 Jun

Real-Estate Massachusetts cities and towns have stepped up their grassroots efforts to address the growing number of repo properties in the state and stop foreclosure from further ruining neighborhoods. Roxbury City Councilor Chuck Turner said that both state and federal governments were reluctant in passing laws that will help delinquent homeowners save their homes from foreclosures and protect tenants of foreclosed homes from eviction. He said that he is angry that no efforts have been made on the federal and state level to stop the flood of repo properties in the area. In 2008, Worcester, Lawrence and Boston city councils passed home-rule petitions designed to prevent the spread of foreclosures and to boost recovery in urban neighborhoods severely affected by the crisis. One measure passed by the city council of Boston called for the establishment of a mediation system for distressed homeowners, mortgage providers or lenders. Meanwhile, city councilors in Chelsea and Springfield have passed resolutions to support legislation aimed at providing protection to tenants of foreclosed properties. Massachusetts Alliance Against Predatory Lending coordinator Grace Ross explained that the legislation would protect tenants from any eviction by a foreclosing lender, implement a foreclosure moratorium on predatory subprime mortgage loans for six months and require a court approval for foreclosure proceedings. In Brockton, a rally was held by the Brockton Interfaith Community to urge members of the city council to support a home-rule petition. Fitchburg Mayor Lisa A. Wong and Somerville Mayor Joseph A. Curtatone have sent letters to Massachusetts lawmakers to urge them to implement a statewide foreclosure legislation. According to Ross, efforts have been made by various organizations to push for a state legislation that would help communities severely affected by the flood of repo properties. He believed that the problem is the legislature’s slow reaction to the foreclosure crisis which he claimed is spreading so fast. Massachusetts lawmakers have deliberated a bill aimed at protecting tenants of foreclosed houses from eviction. Boston Mayor Thomas M. Menino’s housing adviser Pat Canavan pointed out that there is no sense of urgency concerning the foreclosure problem at the state level, which is different at the municipal level. Data from the Warren Group showed that 755 repo properties were recorded in Massachusetts in April, a decline of 43.8 percent from the same month last year. However, with the soaring unemployment rate, industry experts are expecting a second wave of foreclosure. About the Author: By: Pankaj Finlace – Nirala Group welcomes you to Nirala Aspire, Noida Extension. Nirala Aspire is the most promising residential project strategically located at tech zone- IV, Gr. Noida. By: Nishant – Artha Serene is a residential project located in Hoskote, Bengaluru. The project is in an under-construction stage and offered 172 launched plots. Artha Serene is spread over an area of 10 acres and its construction began in June 2016. By: Pankaj Finlace – Aditya Luxuria Estate is the premium residential Project at Aditya World City at nh24 Ghaziabad. Aditya Luxuria Estate nh24 brings luxurious homes. By: Kamal – Real estate development in Greater Faridabad area, which is across the bypass road on eastern periphery of old Faridabad city, has been done to provide affordable housing to people close to Delhi. This development was ushered in to reduce the population pre … By: AnujGupta – Amongst various Indian properties many people look to buy resale properties in Pune because of the citys vibrant job market, and favourable weather. People preferred to buy Pune properties resale over other Indian properties as they were more affordable … By: Nishant – Artha Midas Plots is launched in the year August 2014 and would be ready for possession by April 2016. The entire project sprawls over an area of 11 acres. The total number of apartments in this project are 164. By: Kevin Petric – Housing inventory in Bangalore outpaced the market in the past few years, but the local economy is catching up. Now is a great time to invest in residential property in India while prices are still down. By: Pankaj Finlace – World Trade Centres WTC is new commercial project at Mohali Chandigarh. WTC Chandigarh offers office space and is now setting a benchmark in realty arena with their World Trade Centres Across the country. By: Kamal – Omaxe is a reputed name in the real-estate sector of India. With multiple projects being developed in fast growing real estate markets of India, Omaxe has a reputation of delivering projects with best quality and on time. Their ventures in Faridabad have co … By: Pankaj Finlace – Gulshan Botnia offers 2 and 3 BHK apartments with size 1025 to 1475 sq.ft at Sector 144 Noida. The new residential project Gulshan Botnia within your budget. 相关的主题文章: