Total number of bank foreclosures and HUD homes for sale in Lynn, Massachusetts has risen for August 2010, although not as high or as fast as in other areas of the state. However, local real property agents have stated that more options should be made available to local homeowners to help them keep their properties.
Foreclosed homes in Boston, MA and in other metro areas of the state continue to post significant jumps for August compared with the same month of 2009. According to Warren Group, the whole state recorded foreclosure totals of 1,200 for August 2010.
This represents an 83% jump when compared with August 2009 wherein foreclosed homes in Massachusetts totaled 659. Relatively speaking, Lynn is in a better position, with foreclosures reaching a total of 26 for August 2010 compared with August 2009's total of 24.
Realtors in Lynn have stated that the foreclosure status of the area might seem insignificant when compared with other local markets in the state where one can find foreclosure homes for sale by the thousand, but it still shows that even a small community like Lynn is not immune to the housing market crisis.
According to property agents in the area, the seriousness of the city's problem in terms of bank foreclosures and HUD homes for sale can be seen in the increased number of financial relief programs recently launched in the city. They revealed that more homeowners are facing risks of losing their properties and are seeking financial aid, with more lenders reportedly lowering principal mortgage balances and opting to redraft payment schedules in an effort to accommodate troubled borrowers.
Local housing market reports showed that most lenders are offering initial loan modifications on a three-month basis to gauge borrowers' good faith. These reports also highlighted a significant development in the local housing area wherein majority of homeowners facing foreclosure threats are having trouble, not because they took out loans that they cannot pay, but because their properties have become worth less than what these owners are paying for them.
Analysts have further added that majority of homeowners lost their properties to bank and government foreclosures, including HUD homes for sale, because of personal financial troubles caused by loss of job, divorce and medical emergencies.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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