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Officials Tackle Rise in Bank Owned Condos and Foreclosed Homes

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By : John Cutts    99 or more times read
The number of bank owned condos and foreclosed residential properties increased again in Brockton, Massachusetts, last year, prompting local officials to hold a meeting with real property agents, housing counselors, consumer advocates and other groups associated with the housing market to address the issue of foreclosure.

The number of Brockton bank owned homes and foreclosed properties increased by 6% in 2010 compared with 2009, while the whole Plymouth County recorded a jump of 35% in foreclosure totals over the same period. The meeting was part of several statewide conferences that will be held this year to hammer a plan that will help control the flood of foreclosures in the state.

According to local reports, the effort is not just being done for Brockton, but is also aimed at addressing the problem of foreclosures and bank owned homes in Massachusetts. During the discussion at the Brockton Main Library, consumer advocate groups stated that banks would have to be clear on the information they are sending to homeowners and must package the letters in such a way that they will not be mistaken for junk mails.

Advocates reported that they have seen some of the letters sent by banks to owners of bank owned condos and homeowners facing foreclosures and stated that a number of them is quite difficult to understand, particularly for homeowners who are not mortgage industry-savvy. During the meeting, consumers were also asked for their opinion about a law designed to control the number of foreclosures in the whole state.

The regulation, which was approved last year, required lenders to wait for 150 days instead of the usual 90 before they initiate foreclosure action against homeowners. The regulation reportedly aims to lower the number of bank owned foreclosure houses in the region and encourage banks to try harder at reaching agreements with borrowers. Officials also reported at the meeting that mortgage modification in the state has been less than successful in the past few years.

The meeting was held, officials have revealed, to address whatever shortcomings the area's foreclosure processing and housing regulations have. They reported that current standards seemed to be below par as the number of bank owned condos and foreclosed properties had risen again last year in Massachusetts by 32%.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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