Bill > S921

This bill aims to protect the equity of homeowners facing foreclosure. The key provisions are: 1. The land court must authorize a property taking after a hearing, and order a public sale of the foreclosed property with distribution of proceeds that treats the tax title holder like a mortgagee with the first priority interest, and the delinquent debtor as a mortgagor. 2. The notice of intention to exercise the power of taking must include a clear statement in bold print that "Failure to act will result in losing ownership of your property." 3. Upon fulfillment of the tax debt through the collection of rents or other income from the land, the tax collector must file a document reflecting that the property was redeemed and withdraw possession of the property. 4. The land court may order seizure of rents or other income from the property to fully satisfy property tax liens and applicable interest and costs. 5. The notice of the right of redemption must include language expressing the amount necessary to redeem the property and the consequences of failing to pay, including the possibility of losing ownership and a public sale of the property, and potential eviction. 6. Petitions to vacate a decree of foreclosure or proceedings to reverse or modify such a decree are generally prohibited after the date of the judicial sale and distribution of proceeds.