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All posts in foreclosures

There are some key differences between a short sale and a foreclosure in today’s real estate market. Although the economy is on the up and up, many people are still faced with this decision and we hope this video clarifies some of the differences to help you make an informed decision.

5 comparison criteria:

  1. Ability to obtain a mortgage in the future
  2. Effect on credit score and credit history
  3. Possible effects on security clearances
  4. Current and future employment
  5. Deficiency judgement

Short Sales impact you less severely than foreclosures!

If You have further questions on the process or would like to schedule a free, no obligation consultation, contact us at Contact@MadrellCo.com.

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A lot of my friends comb through craigslist for apartments that do not have realtor fees. I completely understand as I used it as my primary search engine a few years ago as well. The problem with craigslist is that there are few checks and balances which therefore leads to rental scams posted. A new report from New York University explores just how common these scams are. Spoiler alert: they are everywhere.

How the Scam Works:

You are looking for a new place to live on the very popular Craigslist apartment listings. You know that scams are common on the site, but just how prevalent are they? Very! Craigslist fails to identify more than half of rental scam listings, and suspicious posts linger for as long as 20 hours before being taken down.

Researchers reviewed more than 2 million for-rent posts and found 29,000 fake listings in 20 major cities. Yes, Boston was on the list for researchers and I have discovered a few myself within 10minutes on the site. Of those, there were three key types of scams. In the first, a fake post instructs a would-be tenant to purchase a credit report. The scammer gets a commission from the credit reporting site, even though there is no property for rent.

In another scheme, con artists duplicate rental listings from other sites and post on Craigslist at a lower price. Prospective renters pay a deposit via wire transfer. Another pervasive scam is “realtor service” companies. Targets are asked to pay fees to access listings of pre-foreclosure rentals or rent-to-own properties. In the majority of cases, the companies leading the scams have no connection to the properties listed. Realtors do not ask for fees up front nor should you pay, especially when the information is public knowledge. There is NO SECRET PRE-FORECLOSURE LIST… ITS PUBLIC INFORMATION! You find them in your newspaper, local search engines, Zillow, RealtyTrac, your city’s public records database. If someone is asking for money before they prove themselves… RUN!

How to Spot a Rental Scam:

Don’t wire money or use a prepaid debit card: You should never pay a security deposit or first month’s rent by prepaid debit card or wire transfer. These payments are the same as sending cash – once you send it, you have no way to get it back. Real Estate professionals ask for checks which are held in escrow and you receive a deposit receipt. Realtors are held to a code of Ethics and you know who they are, you can track them, report them, not so with online tricksters.

Watch out for deals that sound too good: Scammers lure in targets by promising low rents, great amenities and other perks. If the price seems much better than offered elsewhere, it may be a scam. Many people search for rent-to-own opportunities… while these do exist, they are usually MORE EXPENSIVE than market rent and not thousands cheaper. You will never find a 3 bedroom for rent at $900 in Boston. We all know that is unrealistic..why would you fall for that scam on craigslist? Even if it was rent-to-own…where is their profit? Think like a business and you won’t get got!

See the property in person: Don’t send money to someone you’ve never met for an apartment you haven’t seen. If you can’t visit an apartment or house yourself, ask someone you trust to go and confirm that it is what was advertised. Call their bluff… You will show up with check in hand if you like the property…scammers generally never have access to the property so they will find an excuse as to why they can’t get you in on a specific date or ever.

Search for the same ad in other cities: Search for the listing online. If you find the same ad listed in other cities, that’s a huge red flag.


The moral of the story is…. feel free to use craigslist for finding apartments and homes but understand there are ALOT of scammers out there. Do your due diligence (research) before handing over your hard earned cash. Sometimes paying a realtor fee is worth it not to have the stress or risk losing your money. For assistance in finding an apartment in the greater boston area…be sure to connect with one of our agents

Source: PR Newswire
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Foreclosures Up in The Bay State

The Bay State saw an increase in foreclosure petitions once again, up 45.6 percent compared with February 2015, according to a new report from The Warren Group, publisher of Banker & Tradesman.

This marks the 24th consecutive month of year-over-year increases in petition starts and is the highest number of petitions reported in February since 2012. The market has improved substantially but many people are plagued by lay offs and unemployment pushing them into pre-foreclosure. 

This year, lenders filed 1,264 petitions to foreclose in comparison with the 868 filed last February. Year-to-date, there have been 2,188 petitions filed in the state, a 47.2 percent increase from last year’s mark through February of 1,486. Petitions note the first step in the foreclosure process, when lenders file notice of their intention to foreclose with the Commonwealth’s Land Court.

“While there’s no doubt some new delinquencies are occurring, the majority of what we’re seeing as ‘new’ foreclosures are loans that have been delinquent for quite some time,” Timothy Warren Jr., CEO of The Warren Group, said in a statement. “Lenders continue to work through what remains of their backlog from several years ago, when the entire industry ground to a halt to await the outcome of legislative and regulatory changes and updates.”

There were 644 auction notices filed in February, an 8.8 percent increase from the 592 filed in February 2015. The state has seen 1,389 auctions year-to-date, a 19.2 percent increase from the same period in 2015 when there were 1,167. The auction notice acts as an alert to the Land Court that the lender has scheduled an auction and publically announced the time, date and address in legal notices in local newspapers.

In February, there were 519 foreclosure deeds filed, marking a 66.9 percent increase from the 311 deeds in February 2015. There have been a total of 867 deeds recorded in Massachusetts in 2016, a 52.6 percent increase from the 568 filed through February 2015. The deeds represent completed foreclosures, indicating there has been a change of ownership in the foreclosed property. Do not let this be your situation. Many times, your home is worth more than you owe and you could sell for a profit or at least not damage your credit score. Foreclosures stay on your credit history for 7 years, that is a long time which will make it hard t purchase another home or even find an apartment. Ask Questions, do not wait until it is too late to seek assistance. 

Source: Bankers & Tradesman

Need Help Avoiding Foreclosure? Want to know your options? 

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Foreclosures Continue to Climb as Winter Arrives

Although the national foreclosure rate has dropped, Massachusetts’ rates continues to rise, according to data from The Warren Group. Foreclosure petitions were just around 5,000 in 2008, decreased to to under 1,500 in 2013 and is around 2,000  currently. Prior to the big crash, the entire foreclosure process took 6 months to move from petition to auction. Now, on average, the process takes about 15 months. The foreclosures occurring now are from five years ago. They were caught in limbo with lenders and the influx of properties on their case load. Now, lenders are starting to off-load properties from their books. 

The current spike in foreclosures is very different from the 2005-2010 crash numbers. Unemployment is lower and home values are higher today. In some instances, Homeowner’s in foreclosure now, have a better chance of walking away with money in their pocket if they sell their property rather than having it foreclosed on. Due to the rising home prices in our aggressive Boston market, homeowners have the potential to sell for a profit or refinance on better terms if they are able to make up missed payments. 

The Mandrell Company specializes in helping homeowners figure out the best strategy for their specific situation. If you are a homeowner facing possible foreclosure, call for a no obligation consultation. We will provide information on lenders who are willing to work with you to refinance and save your home or evaluate the numbers and see if you have an opportunity to make a profit on the sale. 

It hurts to see someone lose their home when they owe $200,000 but their home is worth $350,000 if they were to sell. They walk away with $0, bad credit and no home as opposed to $150,000 in profit and an opportunity to invest that money to improve their financial situation. 


To speak with our Broker directly, please contact us NOW! at 617-297-8641

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Word around town is that the big banks are going to start to foreclosing on many past due mortgages they have on their books. The feeling is they’ve been holding off until the economy shows signs of stabilizing and in many place we’re starting to see that stability. If you’re interested in locating investment opportunities through short sale and foreclosed properties, now would be a good time to start really eyeing to the market.

Here is our current Short Sale and Foreclosure list for Dorchester, MA.

197 Woodrow – Single Family
List Price: $235,853
Boston, MA : Dorchester 02124
36 Mount Ida Rd – Unit 3 List Price: $209,900
Boston, MA 02122
55 Devon Street – Unit 1 List Price: $234,900
Boston, MA : Dorchester 02121
123 Ruthven St – Unit 123 List Price: $241,000
Boston, MA : Dorchester 02121
77 Willowwood Street – 3 Family
List Price: $389,900
Boston, MA : Dorchester 02124
636-638 West Park Street – 3 Family
List Price: $424,000
Boston, MA 02124
47-49 Walnut – 3 Family
List Price: $480,000
Boston, MA 02122

Not interested in Dorchester? Are you interested in foreclosures and/or shorts sales in another area of Massachusetts? Please email (Contact@MandrellCo.com) your area(s) of interest and we can send you an updated report within a few hours.



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Fannie Mae owns foreclosed properties all over the city of Boston, which they attempt to sell as quickly as possible to “minimize the impact” on the respective neighborhoods. Buying one of these foreclosed homes can be a great opportunity for first-time buyers as well as rental property investors. Each of these Fannie Mae homes can be purchased with bank financing or through one of Fannie Mae’s “Home Path” special financing programs. These special mortgage programs include low down payments, no mortgage insurance, and you may even qualify with less than perfect credit. The “Home Path Renovation Mortgage” also allows funds to be borrowed for light renovations in addition to the home purchase. Both of these special financing programs are also offered to owner occupants as well as investors.

You can identify properties available for Home Path financing by the Home Path logo displayed within the homes marketing materials. You may also search your desired area for available Fannie Mae foreclosed properties by visiting www.homepath.com/
For a list of foreclosed homes in your selected neighborhoods, email Willie@AtHomeBoston.com or call 617-297-8641. 
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