Improper foreclosures have jammed up homeowners who purchased the properties from banks leading to a late-session push for legislation that opponents claim would unfairly bar those who lost their homes from winning back the titles

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Improper foreclosures have jammed up homeowners who purchased the properties from banks leading to a late-session push for legislation that opponents claim would unfairly bar those who lost their homes from winning back the titles

Improper foreclosures have jammed up homeowners who purchased the properties from banks leading to a late-session push for legislation that opponents claim would unfairly bar those who lost their homes from winning back the titles

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Improper foreclosures have jammed up homeowners who purchased the properties from banks leading to a late-session push for legislation that opponents claim would unfairly bar those who lost their homes from winning back the titles.

The bill (S 1987) would create a one-year period starting the day it takes effect as law where those who lost homes because of improper foreclosures could sue to regain the title. Going forward, the House and Senate have differed on the window of time until any discrepancy in title would be cleared by another document. The legislation would not limit those who lost homes from suing banks for monetary damages.

“We’re hoping frankly that the bill goes nowhere,” said Roxanne Reddington-Wilde, treasurer of the Massachusetts Alliance Against Predatory Lending. Though the organization opposes both versions, Reddington-Wilde said the alliance prefers language recently adopted in the House that would provide a 10-year window going forward rather than the 3-year window approved by the Senate in January.

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2 Responses to “Improper foreclosures have jammed up homeowners who purchased the properties from banks leading to a late-session push for legislation that opponents claim would unfairly bar those who lost their homes from winning back the titles”

  1. This would be so wrong. The homeowners have been the victims. Laws to cut off their chances to win their houses back would be dead wrong. Many do not know what crime has happened to them. Many are looking for funds to hire lawyers they can not afford yet. The only thing good about this is perhaps massive law suits will all happen at once and the firms could not handle the lawsuits therefore would default the banks. Homeowners would win their cases by default. If the public got there act together and picked a family to support in a lawsuit many more could be filed in mass all at once and over load the banks law firms so they could not possibly answer all of them, and would default on massive cases. Think about that one.

  2. Stupendous Man - Defender of Liberty, Foe of Tyranny says:

    The primary reason to put a limitations period on an action of this nature – to protect the guilty.

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