Massachusetts Division of Banks Makes Foreclosure Database Available to the Public Online

The Massachusetts Division of Banks January 7, 2009 opened its on-line database of Massachusetts foreclosure notices to the general public.

The web-based resource (www.mass.gov/dob) allows the Division to study trends and better focus foreclosure examination efforts.

The Division of Banks opened the database to local public safety and code enforcement officials several weeks ago, enabling municipalities to better respond to public safety hazards associated with vacant foreclosed properties. To date, public officials in 122 cities and towns have registered for the database.

By providing public access to the database, anyone with an interest in tracking and understanding foreclosure trends in their neighborhood can now do so at the tip of their fingers. Community organizations and regional housing agencies will be able to use the tracking feature to better focus their relief efforts or to study trends and allocate their funds accordingly.

Under Chapter 206, An Act Protecting and Preserving Home Ownership, which was signed by Massachusetts Governor Patrick in November 2007, the regulatory oversight of the non-bank mortgage industry was significantly increased. Among other things, Chapter 206 mandates the development of a statewide foreclosure tracking database. All mortgage holders are now required to electronically file foreclosure petitions and records of sales involving one-to-four family, owner-occupied properties with the Division of Banks.

The electronic submissions allow the Division of Banks to efficiently process and maintain this information in a web-based database, making select foreclosure property information easily available to members of the public who register to access it.

The Division can now closely monitor trends among brokers and lenders whose loans have high frequencies of foreclosure. The database is also built with a functionality to track the entities responsible for maintaining foreclosed properties. The database lists the foreclosures throughout the state line-by-line and includes the amount and date of the sale, community and foreclosing entity. To protect the privacy of the individuals and families whose homes are in foreclosure, the database will not make consumer names or property addresses available to the general public.