In Massachusetts, distressed homeowners are waiting around for the time
when their lenders ask them to vacate their homes. This is expected
since most are no longer paying their mortgage dues for several months
now and are simply hoping that credit repair services will help them minimize the damage to their credit scores.
The number of Boston foreclosures
has soared in the past couple of months. In fact, about 36,000
homeowners have not paid their mortgages for at least 3 months, and 30
percent of them are actually behind by a year or even more, based on a
report from the Lender Processing Services Inc.
There are several reasons why the number of Massachusetts foreclosures
is rising at an alarming rate. For starters, many borrowers have lost
their jobs and have no way of paying their mortgage obligations. Some of
them are simply having trouble with the ballooning interest and could
no longer afford to pay the loan.
There are still those who are looking to get out of such mess by
speaking with their lender and discussing foreclosure alternatives, such
as loan modification or short sale. These people are the ones who are
also looking at credit repair services in the home that their
delinquency will not greatly affect their credit scores and allow them
to enjoy financial credibility.
On the other hand, there is a growing number of borrowers who have
decided to give up and stop payments on their homes, but still lives in
these, waiting for the lender to complete the foreclosure process.
They use the time to save the money instead, so they could move to an
apartment when the time comes. In addition, they will not be dragging
down home prices in their neighborhoods since abandoned properties are
considered to be neighborhood blights even if they are looked at by
buyers as cheap houses for sale.
The timeframe for lenders to foreclose a property has essentially
gotten longer with lenders being required to help these troubled
homeowners first. For some experts, the delay is causing a drag on the
housing market and the industry needs to determine which borrower will
benefit from such help and which are really no longer able to pay for
their home. For the latter, they should concentrate on looking for
credit repair services so that, in a couple of years, they can become
credit-worthy enough to buy a new home.
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