Foreclosure auctions in Massachusetts were up 44 percent over the first seven months of this year, as compared to the same period in 2015.
Massachusetts passed laws in 2007, 2010, and 2012 that were intended to reduce the number of foreclosures by extending the period that a homeowner has to pay off a loan. When these laws were passed and regulations were put in place, most major banks delayed foreclosures. Because the foreclosure process takes about two years, the cases that were backlogged in 2012 are just now being completed in 2016.
Grant programs like HomeCorps, which is funded by a 2012 multistate settlement with the country’s largest mortgage services related to foreclosure practices, number among the state government’s efforts to address foreclosures.
Homeowners at risk for foreclosure have the right to ask their lenders whether options for avoiding foreclosure are open to them. In addition, homeowners can speak with housing counselors approved by the US Department of Housing and Urban Development at no charge to explore alternatives to foreclosure.
For homeowners faced with a financial hardship, such as loss of income, divorce, military service, medical bills, or business failure, short sales are a viable option in place of the costly and time-intensive foreclosure route.
At Greater Boston Short Sales, our attorneys work diligently to ensure that buyers, sellers, and lenders feel comfortable with the short sale process and outcome. To schedule a free consultation with us, please send us an email or call [617-264-0376].