It is so evident that Springfield and Massachusetts as a whole is continuing to encounter a huge increase in the number of foreclosure especially in the middle class families. The petitions being filed in the courts have continued to calls for an action to prevent the actual foreclosure action. It has been recorded that the foreclosure action has brought about negative effects including undermining of the surrounding property’s value, security threat to the surrounding households, degradation of the property on auction as so long as it is empty and generally to the whole city as it reduces revenue collected inform of property tax. With this alarming trend, all bells are ringing as they call for various efforts to ensure the problem is curbed or brought to the minimum level.
Therefore many policies are being put in place by the relevant authorities in Springfield to completely fight the individual and national economic development killer known as foreclosure and in turn enhance economic recovery. The main aim steering the quest to achieve the totally free foreclosure city is not only to mitigate and eliminate the impact of foreclosure but also to provide an improved revenue channel and ensure that the lenders are responsible for all their actions and maintenances of the houses.
In Springfield,the city authorities have put into place strategies such as reducing the number of foreclosure, ensuring that there are no illegal vacating of properties reducing the impact of vacancies such as theft and ensuring that the lenders and the landlords are responsible owners .Although these strategies has been implemented, only a small step has been made no major change or rather improvement has been witnessed therefore leading to the introduction of the foreclosure ordinance to help in economic recovery.
The ordinance has been divided into two components including a pre-foreclosure meditation. The meditation is aimed at ensuring that the borrower is involved in the decision leading to foreclosure. It aims at finding the facts surrounding the failure to fulfill payment policies and to seek to find alternative approaches to the problem and ensure that the home owner retains his home unless issued by a good faith certificate to indicate that is the only way to solve the crisis .The pre foreclosure is a redraft of the Mandatory Mediation Ordinance of Springfield. This component gives the borrower a voice to speak and a chance to decide. Remember as much as the borrower is given a voice and illegal foreclosure is minimized, there are procedures to be followed.
The second component of the ordinance is aimed at creating a channel of revenue stream that see an improved city; it also provides opportunities to use revenues towards city housing and stabilization of neighborhood, economic recovery especially through job creation.
The efforts brought by the ordinance has recorded economic recovery through loan modification for between 60% -70% of the situations that otherwise may lead to foreclosure. The maintenance of houses and the bonding is a sure way to recover the economic situation in Springfield. So if you want a professional legal advice related to the foreclosure then you must consult foreclosure lawyers.
