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List of Repo Homes in Massachusetts Expanded in 2010

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By : John Cutts    99 or more times read
The Massachusetts list of repo homes grew considerably last year as lenders seized more residences in 2010 compared with 2009 levels. The number of foreclosures and repossessions jumped last year by over 30% and analysts are predicting that more will be added to the total this year as an increasing number of homeowners fall into delinquency.

The number of homes offered at foreclosure auctions in Brockton and in other distressed property auctions in various areas of the state increased further in 2010. According to the Warren Group, a total of 12,233 properties were repossessed by lenders last year, representing a 32% increase from the 2009 total of 9,269. However, the 2010 total was slightly lower than the 2008 figure of 12,430.

Local housing analysts have stated that the number of properties offered at Massachusetts foreclosure auctions would have been higher in 2010 if not for the presence of the Right to Cure law which was approved by the state legislature last year. Under the regulation, troubled homeowners are provided 150 days instead of the usual 90 to get their loans current.

The law also requires banks and lenders to discuss with homeowners possible alternatives to foreclosures or inclusion of properties into list of repo homes. Local analysts stated that midway through last year, the state was on course to break previous full-year foreclosure records, but the legislation prevented that from happening. A significant decision by the Supreme Judicial Court also affected the way foreclosure actions are processed in the state.

Last year, the Court ruled against lenders who are trying to seize two properties and offer them at foreclosure homes auction. The decision was made based on the banks' failure to present documents proving that they were the owners of the borrowers' mortgage loans. Legal experts have stated that the ruling could establish a precedent in the way foreclosures are handled in the state.

They added that it could lead to other foreclosure cases to be considered invalid, including those that have been done years ago. The ruling also prompted lawmakers to propose several measures designed to change laws governing foreclosures and list of repo homes in Massachusetts.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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