Massachusetts Foreclosures Tamed Due to Petitions

Renegotiation of mortgages for struggling homeowners has been worked out by officials from different levels – from local to federal to state officials; resulting in an ease in Massachusetts foreclosures as reported by Warren Group in October.

Providing a monthly report on data about local real estate and also publishing Banker & Tradesman, Warren Group stated that despite the up roaring 24.3 percent Massachusetts foreclosure deeds from 799 in September to 993 in October; lenders have filed fewer petitions of foreclosures that fell by 33.3 percent or from 2,258 in September to only 1,507 this October.

Compared to year 2007, there has been an increase in foreclosure deeds in October 2008 to 34.4 percent from 739 recorded deeds in October of last year. Yet, there is still a drop in foreclosure petitions this year to 50.8 percent from the 3,065 petitions filed in October 2007.

From the figures presented, chief executive of Warren Group stated there has been moderation of foreclosure deeds from its uphill during spring and summer at the same time, lenders have filed fewer petitions. All these have been made possible by the combined efforts of the state, local and federal officials to lend a hand to struggling homeowners who are way behind their mortgage payments and are in the verge of facing foreclosures.

Modification of loans by the lenders have been stimulated by the community itself and its local and even state leaders, hence getting lenders to pay more attention to the situation and make the necessary considerations for their borrowers.

However, despite this favorable situation Massachusetts’ crisis on foreclosures, especially in the urban areas, is still very much evident. For the month of October alone, Worcester, Springfield, Boston Dorchester, Brockton and Lawrence have shown great numbers of foreclosure deeds bringing more homeowners at risk of losing their homes.