Massachusetts Foreclosed Homes

Couple Wins Auction, But Can't Buy House

Buying a home at a multi-property auction has been difficult, if not impossible, in Massachusetts.

Another winning bidder, Alexandria MacKinnon, on an allegedly foreclosed Massachusetts home auctioned by Real Estate Disposition Corp. has found she can't close on the home because the foreclosure process is not yet complete, The Boston Globe reported May 14, 2008.

 

After a March auction, Real Estate Disposition Corp. told MacKinnon and her husband to prepare for a closing by May 8, 2008, so the couple gave notice to their landlord and qualified for a mortgage loan. Then the closing was postponed indefinitely because the mortgage company that was working for the buyers told them it couldn't make the loan because the seller did not yet own the home.

"Real Estate Disposition was warned by state regulators before the March auction against including any properties it did not have the right to sell. The company has said it auctioned several such properties at a previous event in November."

Buyers are faced with a great deal of frustration when dealing with banks and the companies that represent them. Buyers also make the mistake of attempting to complete the process without professional representation.

Read The Boston Globe Article

Another Copper Thieves Story

The media can't get enough of the stories about thieves stealing copper from foreclosed homes or otherwise abandoned property.

A May 14, 2008 article in The Boston Globe talks about an "epidemic" of thefts.

"Scrap copper, which sold for about 75 cents a pound a decade ago, now sells for more than $3 a pound. Demand from countries with rapidly growing economies, such as China, has pushed up the price."

Shouldn't the stories be about what kind of loser breaks into a home, tears out walls and cuts out copper pipe for $3 a pound?

Read The Boston Globe Article

Massachusetts Foreclosures Continue Record Pace

The first quarter of 2008 saw the number of Massachusetts home owners enter the foreclosure process at a record pace, the Boston Business Journal reported May 7, 2008.

"The state saw 9,114 new properties enter foreclosures, up almost 38 percent over a year ago and the third record-breaking quarter in a row, according to data provider ForeclosureMass.com."

More than 75 percent of the state's 351 communities saw foreclosure rates increase in the past year, with 73 municipalities seeing at least a 75 percent increase in filings.

Read The Boston Business Journal Article

MA Law Extends Foreclosure Notification Period

A Massachusetts law that extends the foreclosure notification period to 90 days went into effect on the first of the month, the Boston Herald reported May 1, 2008.

The law requires lenders give borrowers 90 days after a notice of delinquency to resolve their debt. The previous law required only 30 days notice.

"Gov. Deval Patrick says the new rules are aimed at avoiding unnecessary foreclosures and allowing more people to stay in their homes. He’s asking lenders to use the 90-day period to restructure as many loans as possible."

As of July 1, the law will also require the licensing of all mortgage loan originators (aka, mortgage brokers).

Read The Boston Herald Article