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Foreclosure activity knows no boundaries in the Bay State, distressed prices in an historical setting.

Trouble is brewing amid the beautiful modern homes in the historical settings of New England, New Hampshire, Boston and Rhode Island. Almost every community in The Bay State is now recording foreclosure filings, some with very low numbers but significantly high percentage increases over the same period in 2006. Massachusetts foreclosure listings are at a record high in some districts where mortgage payments are overwhelming homeowners.

News reports are of sluggish sales in the Stae, with sales prices slipping, and homeowners facing high interest rates on their recent ARM’s are left without sufficient equity to refinance.
Pressure is now coming from State officials on mortgage lenders to tighten credit practices, increase anti-fraud measures, and generally follow the lead of the large Mortgage firms in buying up subprime loans. Lenders facing the real prospect of rising numbers of home foreclosures are surely motivated to assist the home owner in default with workout options that allow the cure of the default rather than the loss of the home to foreclosure. Investors and home buyers with the riskier but often more profitable strategy of purchasing pre foreclosure have never had a wider selection of house styles and neighborhoods to choose from in the State. The successful are those who come up with a win-win solution for all, the homeowner in default and under great stress, the lender facing the costs of going to auction, and the would be buyer, facing a resale in a tougher real estate market where equity no longer will come without effort and cost from price appreciation.

Welcome to the new world of the well informed, hard working, smart and persistent bank foreclosures buyer.

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