BlueHub Court Battle Shifts to Legislature
A four-year-old court battle between nonprofit lender BlueHub Capital and a group of angry customers is spilling over into the state Senate’s economic development bill.
A four-year-old court battle between nonprofit lender BlueHub Capital and a group of angry customers is spilling over into the state Senate’s economic development bill.
The vast majority of mortgage loans are repaid without incident, but when they go into default, peculiar twists and turns can ensue. A federal district court decision issued in January, involving a home in Framingham, offers an example.
Only a small share of the thousands of pandemic-era homebuyers would be underwater on their mortgages if home values fall in 2023, a new study estimates.
Experts say that a 2008-style housing crash is unlikely to happen now, if only because lending standards are much tighter than they were prior to the Great Recession. Still, foreclosures are starting to tick upward.
Couple skyrocketing construction costs with the end of COVID-19 mortgage forbearance, the end of the eviction ban, plus the oldest Baby Boomers turning 75 this year, and inventory increases may occur much sooner than anyone anticipates.
“There is a tidal wave of distressed homeowners who will need help in the coming months,” said Dave Uejio, acting director of the Consumer Financial Protection Bureau.
Homebuyers who are struggling with their mortgages thanks to the struggling COVID economy have another two months of safety before the foreclosure ax begins to swing.
Gov. Charlie Baker said Tuesday that despite the growing number of residents facing eviction he does not see a need at this time to return to the moratorium on evictions and foreclosures.
With expanded federal jobless aid set to run out at the end of this month and a state foreclosure moratorium likely to expire almost three weeks later, concern is growing as the mortgage industry faces an uncertain summer and fall.
A property services company has agreed to pay $550,000 and change its business practices to settle allegations that it violated state consumer protection laws by illegally profiting from Massachusetts homeowners facing foreclosure, Attorney General Maura Healey’s office announced Thursday.
With an eviction and foreclosure moratorium now in effect in Massachusetts, what does this mean for the state’s residential and commercial landlords and lenders?
Legislators are expected to resume debate today on a halt to foreclosures and non-essential evictions for the duration of Massachusetts’ state of emergency, after one lawmaker objected to the proposed House-Senate deal Thursday.
The House advanced a compromise bill Wednesday afternoon to temporarily ban almost all eviction and foreclosure proceedings statewide.
Senate President Karen Spilka touted solid communications among state leaders during the virus crisis, but on Sunday also hinted at a source of underlying tension on legislation intended to protect renters and homeowners.
Unable to agree on emergency eviction and foreclosure protections for people at risk during the coronavirus economic crisis, the House and Senate on Thursday formed a six-member conference to try to hammer out a consensus.
The House on Thursday afternoon passed a bill to put a moratorium on evictions and foreclosures during the coronavirus emergency, quickly advancing the bill to the Senate.
A legal aid advocacy group flagged concerns Wednesday that a housing security bill advancing in the Massachusetts Senate contains gaps that leave some tenants vulnerable during a state of emergency.
The Senate Ways and Means Committee-backed bill would ban evictions and late fees for apartment renters who can prove they were financially hurt by the COVID-19 pandemic.
Concerns are growing about what will happen to low-income renters and homeowners when the immediate coronavirus crisis is over.
Massachusetts lawmakers are preparing to advance a bill Monday that promises a “crucial safety net” to protect renters and homeowners from the growing ramifications of the COVID-19 pandemic.