MA Foreclosure Deeds Down, Petitions Up

The number of Massachusetts foreclosure deeds, which represent completed foreclosures, fell 23.1 percent to 701 in November from 912 in October, and foreclosure deeds were also 21.1 percent lower than the 888 foreclosure deeds recorded in November 2008, The Warren Group reported December 29, 2009.

A total of 8,409 foreclosure deeds were recorded in the Commonwealth from January through November, down 26.8 percent from 11,494 during the same period last year.

Lenders filed 1,937 petitions to foreclose in November down 15.6 percent from October’s 2,296 foreclosure petitions; however, November’s petitions jumped 45.1 percent from the 1,335 petitions filed in November 2008.

A total of 25,868 petitions to foreclose were filed from January through November, up 28.2 percent from 20,179 during the same months in 2008.

Although the November foreclosure numbers reveal some good news, unemployment and other economic factors fueled the high rate of homeowners delinquent on their mortgages, and those delinquencies eventually leads to the initiation of foreclosure proceedings.

Several factors have led to a decline in completed foreclosures, including mortgage loan modifications that lenders have provided to homeowners and a Massachusetts Land Court decision that has forced some lenders to hold back on recording foreclosure deeds or to restart them after proper mortgage assignments have been recorded.

November auction notices tumbled 22.5 percent to 2,015 from 2,601 in October, but auction notices increased 77.7 percent from 1,134 in November 2008. Year-to-date auctions notices declined 4.3 percent to 17,297 from 18,064.

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Comments

[Tony]

This is a good thing... MA foreclosed homes are already in a high moment. This drop can mean more hope for owners out there!

[mechanicsville homes]

Foreclosure and deficiency judgment could seriously affects our ability and qualify credit in the future. There are many complicated factors which are affects to foreclosure investment.

[Apartment Rentals Toronto]

Several factors have led to a decline in completed foreclosures that are mortgage loan modifications and lender problems.Thanks for sharing all this terms with us.