Friday, January 27, 2012

Proposed legislation on assignments

Yesterday I traveled to the Norfolk County Registry of Deeds in Dedham for a meeting of the Legislative Committee of the Massachusetts Registers of Deeds Association.  The main topic of discussion was companion bills filed by State Senator John F. Keenan of the Norfolk and Plymouth District and by Representative Michael D. Brady of the 9th Plymouth District.  Both bills, neither of which has been assigned a bill number, contain the following language:

SECTION 1: Section 6D of Chapter 183 of the Massachusetts General Laws is hereby amended by adding the following paragraph:

Each assignment of mortgage secured by residential property, as defined in said Section 1 on Chapter 255E, shall be forwarded within 30 days of the date of execution of said assignment to the appropriate registry district for recording.
Of the many problems with the mortgage industry uncovered during this most recent collapse of the housing sector, one of the most frustrating for homeowners was the inability to quickly and reliably connect with the entity holding each homeowner's mortgage.  The intent of this bill, as I understand it, is to increase the likelihood that mortgage assignments will be recorded in a timely manner which will thereby permit homeowners to ascertain the party holding their mortgage at any given time. 

There certainly is a need for this type of reform, so hopefully this bill or some like measure will be quickly enacted by the legislature. 

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