Ten Year Foreclosure Record On The Verge Of Breaking

July 8th, 2008

Donald E. Ashe, the Hampden County Register of Deeds, has said that the mortgage foreclosure is going to break a long 10 year record very soon. He feels that the speed that the problem of foreclosures has taken now is surely going to break the earlier record in a very short span of time. This will stand as a big problem to the real estate sector. As per the records, the number of foreclosure filings in 1997 was 818, but that in 2008 has already touched 500 from January till May and is soon going to surpass it.

In 2006, the number of foreclosures that were filed in Hampden County was 396. It rose to 734 in the very next year. The Franklin County Register of Deeds reports that about 36 foreclosure deeds were filed in Franklin County from January to May in 2007 and that has come to 46 this year and that too within the same period of time. On the other hand, as per the reports of the Hampshire County Registry of Deeds, the number of foreclosure deeds that were filed in 2007 from January to May was 26, which rose to 52 in 2008 (January to May). The total number of foreclosure deeds that were filed in the Franklin County and the Hampshire County in the last year is respectively 73 and 132.

A law has been introduced in Massachusetts that has been instrumental in bringing down the rate of home foreclosures, though for a temporary period of time. As per this law, a period of 90 days is given to the defaulting homeowner before the matter could be taken to court. It is expected to bring down the foreclosures to some extent and is in fact a boost to the real estate.

There is an office in Springfield named Neighborhood Assistance Corp. of America that assists the defaulters in getting back their home through a restructuring of loan program and at a low rate of interest. Christopher B. Lee who is the director of Neighborhood Assistance Corp. of America said that one of the worst affected cities is Springfield that has got a huge working class people. The economy is suffering a lot due to large scale unemployment and increase in the price of gas. Proper steps have to be taken in order to check the house foreclosures to secure a better future for the real estate.