Real Estate Pro Articles

Aid to Cut Number of Foreclosed Fixer Upper Homes for Sale Set in March

[Valid RSS feed]  Category Rss Feed -
By : John Cutts    99 or more times read
Massachusetts is trying to deal with the huge supplies of foreclosed properties in the area, including fixer upper homes for sale. The problem has been aggravated by the continuous rise in the number of the unemployed in the state, but officials are hopeful that the coming federal program set for March will help alleviate the burdens.

The program, which will be launched next month, will greatly help lower the number of foreclosed homes in Boston and in the rest of the state, local officials have said. It was designed to provide loans to homeowners who are currently unemployed and are having difficulties paying their monthly mortgages. Qualified applicants will be given a chance to get loans of up to $50,000 to help them save their homes from foreclosure.

Last year, over 12,000 foreclosed homes in Massachusetts were recorded and local authorities are concerned that the number will increase again this year. They stated that the program will provide some breathing room to troubled borrowers who are on the verge of getting their properties foreclosed. Massachusetts is set to receive $61 million from the federal initiative and state officials are expecting applications to flood local government housing offices once the program is launched.

They stated that those who are facing possibilities of getting their residential properties foreclosed or become fixer upper homes for sale due to unemployment are qualified to apply. The program was scheduled to be launched a few months ago, but was delayed due to some unresolved provisions that legislators needed to iron out.

According to officials, the delay was partly due to the issue of whether the bridge loans fall under the category of taxable income. Housing activists reportedly considered filing a lawsuit earlier to put a hold on processing foreclosure homes for sale until the federal aid initiative has been launched.

Now that announcements have been made that the program is all set to start, officials are positive that it will somehow help lower the massive supply of foreclosed properties in the state, including fixer upper homes for sale. Qualified homeowners are reportedly allowed to apply for up to two years of federal assistance under the foreclosure program.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

Related Articles

Print This Article
Add To Favorites




© All rights reserved to Real Estate Pro Articles