The foreclosure rates in Massachusetts are rising rapidly as banks seek to reclaim houses. The State Senate in Massachusetts passed a bill that would require lenders to enter a mediation process that could include loan restructuring before foreclosures would be allowed.
In May, the State House passed a different bill on the foreclosure problem in Massachusetts. The State Senate bill is now headed to the State House for a vote.
In a different bill, the Joint Committee on Municipalities and Regional Government is attempting to require foreclosure mediation in the Boston area.
According to the Boston Globe, the foreclosure rate is up 32% since last year in Massachusetts. More importantly, foreclosure petitions are up 77% since last year. The Attorney General in Massachusetts, Martha Coakley, recently declared a foreclosure crisis.