During the Great Recession, many people in Massachusetts had their homes foreclosed upon. And while the results of the Great Recession are still being felt, Massachusetts residents may be encouraged to hear that as of June 2017, the number of foreclosure petitions went down over 18 percent when compared to the number of petitions in June 2016. In fact, it was the first yearly decrease the state saw since 2013.
When a home is foreclosed upon, the first thing that will happen is that a petition will be filed. As of this year to date, Massachusetts saw almost 5,800 foreclosure filings. This is a 12.6 percent decrease from the number of foreclosure filings spanning from January 2016 to June 2016. On those dates, 6,600 foreclosure petitions were filed.
Part of the reason for the decrease in filings is that financial institutions may be more willing to find solutions with homeowners who cannot meet their mortgage obligations, other than instigating foreclosure proceedings. In addition, the housing prices are going up, which banks look at favorably. All in all, more people are able to save their homes from foreclosure.
In the end, if a homeowner is having trouble meeting their mortgage obligations, they should not simply sit back, but they should contact their lender to see if a solution can be worked out. While banks may be more willing to work with homeowners, this doesn't mean that foreclosure is not a possibility. Therefore, those who are facing a foreclosure filing may want to contact an attorney experienced in residential real estate issues to see if anything can be done.
Source: WWLP.com, "Massachusetts is seeing fewer foreclosures," Ciara Speller, Aug. 3, 2017