The number of foreclosed homes has set new records in August, 2011 in Massachusetts. There were 900 foreclosure processes completed in the month.
According to the Warren Group report on foreclosures, the activity has seen an upward trend starting from the month of November last year.
The number of completed foreclosure deeds is lesser in percentage when compared to the last year’s data. There were 22% more foreclosures in the month of August in 2010. However the ratio is narrowing down.
The slowdown in the deeds this year was partly because of the big lenders taking a cautious approach after the robo-signing scandal that came up last year. The lender and owner now ensure they have proper documents before they foreclose a property.
Managing Editor of The Warren Group’s Banker and Tradesman newspaper, Cory Hopkins said, after the banks have set in the proper foreclosure procedure they will work on the foreclosure backlogs. Therefore, the rate of completed foreclose procedures will far lead the number of last year’s foreclosures.
Callahan added, despite the loan delinquencies trending down there will be numerous foreclosed homes haunting neighborhoods for a couple more years.
This is another great article by Fred Wilder
Comment on the article: Foreclosure in many cases can be stopped, you need to contact an attorney experienced in handling personal debt and stopping foreclosure. An attorney can review the options that are available to your so you can decide the best course of action.