On May 15, 2010, Rhode Island's campaigning candidate for governor, Attorney General Patrick C. Lynch announced a plan to instill borrower-protection on all home sales in Rhode Island. The plan would include requirements for foreclosure counseling for borrowers, notice to homeowners and tenants of pending foreclosures, and provisions for allowing people who lose their homes to foreclosure, to rent from the lender.
The plan would further incorporate ideas being used in other states involving free legal representation and requiring brokers to recommend mortgages, a comprehensive listing of all foreclosed homes in the state, and refinancing based upon the best interest of the borrowers.
The addition of more use of the federal Housing and Urban Development programs and giving permission to the state's land bank to rehabilitate and purchase foreclosed properties in both suburban and rural communities, would not alleviate the already 130 properties currently in the state's land bank for which there are no funds for rehabilitation purposes.
The full article follows below:
http://www.projo.com/news/content/LYNCH_FORECLOSURE_PLAN_05-15-10_PUIFGBE_v64.3a9b3dc.html
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Crowley & Cummings are real estate attorneys located in Dedham MA specializing in real estate closings, title examinations, complex title issues, purchase & sale agreements, condo conversions, and other related services. They service lenders and mortgage brokers, real estate agents, as well as buyers and sellers in Massachusetts, New England, and throughout the US. To learn more visit them online at www.CrowleyCummings.com.
Friday, June 25, 2010
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