Foreclosures in Massachusetts Soared by 300%

According to the Warren Group, foreclosure homes in Massachusetts have been increasing in number. Compared to April last year, the number of foreclosure deeds recorded increased by as much as 300 percent, from 464 to 1,334. This only means that more and more Americans are losing their homes to foreclosure - thanks to the rising cost of living, aggressive lending practices and declining home prices. As fears of recession fill the air, many individuals and families have found them selves unable to make ends meet. The prices of basic commodities skyrocketed, primarily due to rising fuel prices in the world market. If you add the weakening dollar, it is not surprising that many homeowners get behind their mortgage payments. Aggressive lending practices are also considered to be among the top reasons for the high foreclosures rate in the state. Many mortgage brokers cajoled home buyers into taking out loan amounts that they really could not afford. In order to accomplish this, they falsified information on the application form, making sure that the lender approves such an amount. Even those with bad credit were approved for loans without undergoing strict underwriting procedure. Lastly, many homebuyers who were unsuccessful in working out a new repayment scheme with their lenders are left with the option to sell. But with the declining home prices brought about by the growing supply of homes for sale in the market, it has become increasingly difficult to sell their homes. To make matters worse, the value of these distressed properties in the open market is way lower than the amount of mortgage owed on the property. With such market condition, local residents of Massachusetts are left with no choice but to wait for the implementation of the mortgage relief program that could hopefully be of assistance to them. Start your Search for:

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