bostonbubble.com

[Hard Rain]

"The Cape Cod Times from Massachusetts. “Foreclosures on Cape Cod reached their highest level in at least 14 years last month, with 54 completed, according to a review of records from the Barnstable County Registry of Deeds. In May 2007, there were 22 foreclosures in the region, according to registry records.”

And the story posted in the news section regarding a lull in foreclosures..

http://www.businesswire.com/portal/site/google/?ndmViewId=news_view&newsId=20080616005801&newsLang=en

[VictimLessCrime, right ?]

there has been a big time lull in foreclosures in north middlesex registry of deeds

which i attribute to:

The reason for the short term drop in filings is due to a mandated extension before lenders can take foreclosure action in Land Court. On November 29, 2007, the Governor of Massachuetts signed Chapter 206 of the Acts of 2007, An Act Protecting and Preserving Home Ownership, into law to address the historic foreclosure levels in Massachusetts. One of the provisions of Chapter 206 includes a 90-Day “Right To Cure” after default on mortgage loans for 1-4 family, owner-occupied residential property. Previously the “Right To Cure” period was 30 days. Therefore, lenders must wait an additional 60 days before foreclosure proceedings can begin in Land Court against homeowners who have defaulted on their mortgages.

once this lull period passes, ba boom

I have been waiting for the bank to price a house,
the order of foreclosure notice was 8 months ago,
bank hasnt received a dime in almost a year
and they cant get the deadbeats out

The best part of the story is,
the home "squatters" have a Mercedes Benz SUV parked in the driveway
I rode by the other day, to see if they were still squatting
and they had a Mercedes Benz SUV in the driveway

I talked to the elderly neighbor once,
and she said they have all kinds of traffic over there,
and she thought they were running an illegal church
I didnt bother telling her I doubt that was what was going on

Can u freaken believe how naive the neighbor was ???

I have also been waiting for two other properties to be priced
one is empty, for awhile now, and no foreclosure yet

the other property , they are still in there,
with no intention of leaving
they bought it for 50K many many years ago
and have a mortgage upto 225K now

Of course all these prople are victims of the big bad banker

Only in America

[SamChady]

I don't know who would want to be a landlord or a lender in Massachusetts. The "evil" corporations and owners have it so bad that its just not worth it.

A funny story that your story made me remember. A friend of mine worked on a habitat for humanity home in Florida, and the woman who was getting the home with a zero percent mortgage and the house at-cost drove a BMW. She made enough money at her low-income job to be car-poor, so she qualified for the house. When they saw her show up in the car, the project manager asked her to not do that since it hurt morale.

You are right, the law was just changed in May, so the wave of foreclosures will spike in August/September.

Another friend just put in an offer on a pre-foreclosure property, 33% less than the selling price in 2005, and it was accepted by the sellers, but not yet by the lender. The lender could refuse the offer, foreclose, and try to sell it for more, but his realtor said that, that process costs them about $40K (I have no idea if this is realistic or not) so he is offering $40K less than the loan amount to see if they bite. (The main loan was $250K, and the 2nd loan was for $75K, but the 2nd lender has no say in it apparently. Its getting me very interested in trying this myself

[admin]