Negative equity is driving the continued rise in bank repo homes, according to Deutsche Bank analysts. They predicted that 48 percent of all mortgages will be underwater by 2011.
With Massachusetts foreclosures on the rise, local government, in some metrowest communities in the state, has been finding it difficult to deal with vacant homes which soon become safety hazards and eyesores.
More than 50 percent of mortgage loans modified during the first and second quarters of 2008 have become delinquent in just six months, putting rescued borrowers back to foreclosures.
Lenders GMAC Mortgage LLC and Deutsche Bank National Trust Co. have been sued to prevent them from enforcing foreclosures on two homes in Massachusetts.
A collaboration between a nonprofit financial institution and a home advocacy group results in bank owned REO properties in Boston being sold back to previous owners. The program has so far closed deals on 50 homes using this strategy.
Fixer upper listing properties might be selling for low prices, but most Boston residents prefer rental dwellings. The rental market is growing in the region.
Big discounts are waiting for prospective buyers of Fannie Mae homes for sale in Massachusetts. Foreclosures in Massachusetts were sold at an average price discount of 33.4 percent in the first quarter.
Several areas in the southern part of Boston are recording higher foreclosed home auctions. More homeowners are also seeking the services of foreclosure counselors.
Foreclosure houses in Worcester, Massachusetts are being sold for less than their tax valuations. The difference in values is being driven by the assessment lag and low foreclosure prices in the city.
Homes repossessed through Boston foreclosure auctions are being bought by BCC to help families stay in their homes. The foreclosed-upon families sign a new mortgage and make lower monthly loan payments.
A big number of foreclosed properties ended in Boston property auctions due to the fraudulent activities of several people, including a lawyer recently charged by the U.S. District Court.
Credit repair services are in demand among Massachusetts homeowners who are likely to skip more mortgage payments. Most are simply waiting for foreclosure.
The number of Massachusetts bank foreclosures is the second highest among New England states. But despite this high figures, the state banking regulators lag behind other states in terms of punitive actions against brokers and lenders.
Buyers of Brockton bank owned properties can apply for a rehabilitation loan under the Brockton Housing Partnership program. Nearly 1,300 homes in Massachusetts were repossessed by banks in May.
Foreclosures in Boston by Bank of America and Wells Fargo have been brought to court by a number of homeowners in the city. The plaintiffs claimed that the banks did not comply with the provisions of HAMP which they agreed to carry out.
A Boston Federal Reserve Bank top official has urged the federal government to provide funds to local governments and not-for-profits to solve listings of bank foreclosures problems.
The combined total for all foreclosure types in Massachusetts, including bank and FHA foreclosed homes, is expected to be lower for the fourth quarter due to fewer bank foreclosure starts.
Owners of Boston properties in home foreclosure auctions are getting help from the nonprofit organization, Boston Community Capital. The organization has been financing low-priced homes and commercial developments in the area for more than 20 years.
Lenders in Massachusetts allegedly favor letting properties end up as bank or Fannie Mae foreclosure properties rather than unload them in short sales. According to analysts, the reason could be fears of fraud common in short sales.
Hingham Massachusetts was first settled in the 17th century and is rich in New England history. The Residences at Black Rock has harnessed the charm of the area and incorporated it into the designs for the homes inside their private gated community.
The many Boston repossessed houses for sale and high rates of foreclosures in various areas of Massachusetts are still major concerns, and so are high unemployment rates.
The number of residential and land foreclosures is increasing in the rural towns of Massachusetts. According to reports, foreclosure rates are climbing higher in towns than in urban areas of the state.
In an effort to battle foreclosures, the U.S. government is promoting the process of distressed short sales. However, the complexity of the process has resulted in majority of transactions breaking down before their completion. To lower the number of unfinished transactions, banks have promised to make the process simpler.
Laws protecting tenants and homeowners from the impact of statewide and Boston foreclosures have been improved. Under the new rules, both sets of residents are afforded more protection.
A research has put a figure on how much impact foreclosures and cheap homes for sale have on the housing market of Massachusetts. The study focused on home sales during 1987-2009.
The problem of escalating levels of foreclosures and pre foreclosed homes has spilled over some of the rural areas of Massachusetts, as Brockton topped the area in foreclosure rate.
A number of Boston cheap homes will spring up from a reuse project that involves the conversion of a historic mill into 62 affordable housing units for low- to moderate-income residents.
Print This Article
Add To Favorites