Massachusetts Homeowners Behind on Mortgages

by admin ~ July 23rd, 2009.

Massachusetts foreclosure petitions in June jumped to 2,835 – more than eight times higher than the 350 petitions in June 2008 and 21.7% higher than the 2,329 filings in May, said the Warren Group, which added that the number of petitions to foreclose in June was the highest it’s been in the previous 13 months.  Foreclose prevention methods with petitions being the 1st step in the foreclosure process, noted the Warren Group, a Boston firm that tracks real estate data and publishes Banker & Tradesman.

Foreclosure deeds are the final step in the foreclosure process, and in June, Massachusetts foreclosure deeds “plunged 45.1% to 621 from 1,131 in June 2008 but climbed 6.7% from 582 in May,” the Warren Group said.  “June’s foreclosure petitions were close to the historical highs we saw in the early part of 2008,” Warren Group chief executive Timothy M. Warren Jr. said in a statement. “We saw a big drop-off in foreclosure petitions in the middle of last year after the state passed a law requiring mortgage lenders intending to start foreclosure proceedings to give defaulting borrowers 90 days to catch up with missed payments. But in subsequent months, petitions to foreclose mounted.”

The Warren Group also examined foreclosure activity in Massachusetts for the first half of 2009.   Foreclosures in Massachusetts fell 29% during the first half of 2009 compared to a year earlier, the firm said, but petitions to foreclose rose 5.6% during the first six months of 2009 from the same period last year.   “There were 4,737 foreclosure deeds from January through June, a 29.4% drop from 6,707 during the same months in 2008,” the Warren Group said.   “There are many incentives for home loan lenders to complete loan modifications to help homeowners who can’t afford their current mortgage payments. But many finance executives continue to question whether these loan modifications are really sufficient to help homeowners.”

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