Being consistently ranked among the states with the highest foreclosures rate, Massachusetts came in at number 11 this May with 4,318 foreclosure filings. The most recent figure is actually double from the data recorded in April. As the state struggles to prevent the high foreclosures rate from driving down home prices, state officials are urging lenders to be more understanding of these home owners facing Massachusetts bank foreclosures.
The action of the state officials followed a protest from homeowners who claimed that they were victims of misinformation. These homeowners believed that their lenders did not discussed in detail the terms and conditions of their mortgage loans. The plight of these owners is not even uncommon. Across the nation, millions of Americans fell for attractive mortgage deals offered during the most recent housing boom. Relaxed underwriting guidelines also resulted in many borrowers being approved for loans they could never really afford. Sooner or later, as mortgage interest rates rise, these owners stand to risk their homes to become bank foreclosures.
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Written by Alex Rolim.
