Situated at the easternmost corner of USA, Massachusetts is becoming a hot destination for foreclosed properties. All sector of the community has felt the impact of rising interest rates over the last few years. Also the rise in utility costs along with increase in gasoline prices has affected the property owner and to top it all the housing market in Massachusetts has also declined.
Massachusetts is mostly an out-of-court foreclosure state. The process of foreclosure can be done in less than three months after the lender schedules the foreclosure sale. However, before one can process the foreclosure in Massachusetts, the court must ensure that the borrower is not under the Soldiers’ & Sailors’ Civil Relief Act (SCRA). This act will postpone the foreclosure action. Once, the property is cleared from all legal aspect the lender is supposed to publish a series of advertisement in the local newspaper. The notice must appear at least 21 days prior to the date of the sale. Also, a notice must be sent to the borrower or any other affected party at least 14 days before the sale.
In terms of number of Massachusetts foreclosed homes listing, Boston is in the number 1 spot with 2117 filings, followed by Springfield at 1270. Tewksbury and Somerville are at the lower rung with 99 and 97nlistings respectively. But the most affected county has been Barnstable County with 96% increase at 1,141 listings, followed by Suffolk County which had a 90% increase at 2,533.
The industry predicts the foreclosures in Massachusetts will have a negative impact for the state for the year 2007. Also, there have been foreclosure auctions. The number has almost increased four folds as compared to last year. Many homes are reaching the auction zone but fewer people are being able to sell their homes after they fall back on paying their mortgage payments.
The market is heating up with increased number of foreclosure filings, though the filing does not mean that the borrower is losing their homes. The filing is mostly done by the lenders, who files a notice of intent if the borrowers are at least 30 days past due. In most occasions the borrower can negotiate with the lender to return back on track. But the statistics show that more number of local homeowners is on the verge of losing their homes and it is more than the times of the real estate recession in the 1990s. So, if you intend to buy some cheap property in Massachusetts this may be the ideal time.
More Resources:
- Foreclosure Information
- Virginia Foreclosures
- Pennsylvania Foreclosure Homes
- Foreclosure Homes in Orlando
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