Jump to:Page Content
It is said that time heals all wounds. But when it comes to the foreclosure system, adding time to the process isn't helping - it's only drawing out the pain.
According to Sheila Dillon, housing advisor to Boston Mayor Thomas Menino, giving borrowers and lenders more time to arrange an alternative to foreclosure - including mandated 90- or 150-day right-to-cure periods - is largely ineffective. Absent any guiding principles or required mediation, Dillon said, too often lenders simply wait out the period without engaging borrowers.
Dillon spoke last night at an event sponsored by the Harvard Kennedy School's Rappaport Institute for Greater Boston. She was joined by Federal Reserve Bank of Boston Senior Economist Paul Willen.