Massachusetts Bank Foreclosures: Timing is everything!

by Simon Lindsay on States

In Massachusetts, top mortgage lenders and state officials are expected to meet this day in order to sit down and finally tackle the worsening foreclosures condition in the state. As of May this year, the state has the 11th highest foreclosures rate in the nation, up from the 18th spot in April, with the rate doubled. The said meeting was said to be initiated by the Secretary of Housing and Economic Development, Dan O’Connell. No agenda was identified in the letter sent out to the leading mortgage lenders but does this mean that the growth in number of Massachusetts bank foreclosures will somehow slow down?

For several years now, Massachusetts has been recording numerous foreclosure filings, predominantly due to the many adjustable rate mortgages taken out by borrowers with not-so-good credit histories. These loans were actually quite popular especially during the most recent housing boom. Unfortunately for these borrowers, the resetting rates resulted to a sharp increase in their mortgage dues. At first, these borrowers tried to stretch their budget to accommodate the considerable mortgage increases but soon found themselves falling behind on their payments; thus, the thousands of bank foreclosures in Massachusetts.

If this is the case, then buyers should sit up and start taking notes! In real estate investment, it is widely believed that timing is very important. Obviously, the high foreclosures rate translates to lower prices and plenty of Massachusetts bank foreclosures to choose from.

Hopefully, the outcome of this meeting will somehow improve the foreclosures situation in the state and stabilize market conditions. If this happens, market conditions could shift the advantage to the sellers. This is the main reason why buyers must grab the investment opportunities presented to them now before they are gone for good! Buyers should check out foreclosure homes offered by reputable brokers like Bank Foreclosures Sale for great deals.