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South Boston Areas Experience Increased Foreclosed Home Auctions

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By : John Cutts    99 or more times read
Communities in the southern part of Boston, Massachusetts have recorded higher number of properties being sold at foreclosed home auctions in 2010. According to foreclosure counseling agencies, an increased number of homeowners have also sought their services during the past 10 months.

Along with the increase in the number of homes falling under Boston foreclosure listings, foreclosure agencies such as Neighborhood Housing Services have also reported an increase in the number of clients during the year. According to the federally-funded group, their counselors have entertained around 1,000 homeowners in 2010 compared with only 400 in 2009.

Meanwhile, Massachusetts home foreclosures recorded higher levels in areas like Brockton and Quincy in the past six months. From May to the end of October, foreclosures in Brockton rose to 558 from a total of 188 recorded during the same six-month period of 2009. In Quincy, 168 foreclosure-related petitions were recorded during May-October 2010 from 43 a year ago.

Weymouth, on the other hand, had 157 foreclosure filings and properties sold at foreclosed home auctions during the covered period in comparison with 49 in 2009. With these huge increases, foreclosure counselors have stated that it will benefit homeowners if they sought the help of federally-supported foreclosure advisers and try to work out a plan to prevent having their properties seized by lenders.

According to the counselors, it is best for homeowners to seek help early on. They stated that homeowners should not wait until their properties are already included in listings of property foreclosures before they seek advice and must come to counseling the moment they feel that they will have trouble paying their loans.

Agencies like Neighborhood Housing Services offer counseling to troubled homeowners and also provide help in facilitating a negotiation between lenders and borrowers. Other services offered by such counseling agencies are rehabilitation loans that can be used in making home repairs, particularly by homeowners who have poor credit ratings. Working out a payment schedule that will be affordable to the homeowner is also part of the agencies' services.

Housing market analysts have reported that a big percentage of residential properties being sold at foreclosed home auctions are owned by homeowners with conventional loan mortgages, demonstrating the fact that foreclosures are not just affecting subprime mortgage holders anymore.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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