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