Mass. foreclosure petitions drop in October
(File photo: David McNew/Getty Images North America)
There were some signs in an October report that the state's foreclosure crisis may be easing a bit as state, local, and federal officials scrambled to help home owners renegotiate their mortgages.
The monthly report is from the Warren Group, a Boston company that provides local real estate data and also publishes Banker & Tradesman.
While the number of foreclosure deeds recorded in Massachusetts "spiked" in October, lenders during the month filed fewer petitions to foreclose, the first step in the foreclosure process, the Warren Group said..
The number of foreclosure deeds recorded in October rose 24.3 percent to 993 from 799 in September; the October 2008 figure is also 34.4 percent higher than the 739 deeds recorded in October 200, the Warren Group said.
"Lenders initiated fewer foreclosures in October," the Warren Group said in a press release. "The number of foreclosure petitions filed by lenders fell 33.3 percent to 1,507 in October from 2,258 in September. Foreclosure petitions were also down 50.8 percent from a year earlier when 3,065 petitions were filed in October 2007."
The press release included a statement from Timothy Warren Jr., the Warren Group's chief executive.
“A lot of efforts have been made on the local, state and federal levels to help homeowners who are falling behind on mortgage payments avoid foreclosure,” Timothy Warren said in his statement. “The good news is that the number of foreclosure deeds appears to have moderated from the peak activity in the spring and summer, and lenders have filed fewer petitions to foreclose so far this year. Prodded by community and government leaders, lenders are working more diligently to pursue loan modifications.”
The Warren Group's October report noted that "urban areas continue to be most affected by the foreclosure crisis."
During the month, 76 foreclosure deeds were recorded in Worcester, 50 in Springfield, 41 in Boston’s Dorchester neighborhood, 37 in Brockton and 36 in Lawrence, the Warren Group reported.
(By Chris Reidy, Globe staff)
Fewer petitions, maybe because there is a shortage of signs to post!!
meh....probably has something to do with the foreclosure legislation passed by the state.
Issuance of a Temporary Halt to Foreclosures and Evictions (11/20/08)
To: All Fannie Mae Single-Family Servicers
Introduction
Fannie Mae is committed to assisting homeowners impacted by the national housing crisis and has taken many steps in recent months aimed at keeping families in their homes. In connection with the streamlined modification program announced jointly by the Federal Housing Finance Agency (FHFA), Freddie Mac, and Fannie Mae on November 11, 2008, Fannie Mae is instituting a halt to all foreclosure sales on occupied single-family properties as well as to the completion of evictions from occupied single-family properties scheduled to occur from November 26, 2008 through January 9, 2009.
The temporary halt on foreclosures is designed to allow affected borrowers facing foreclosure to retain their homes while Fannie Mae works with FHFA to implement the streamlined modification program scheduled to launch December 15, 2008. The foreclosure halt will apply to all portfolio mortgages and all MBS pool mortgages owned or guaranteed by Fannie Mae and to foreclosures of homes that are already in process with foreclosure sale dates scheduled during the halt period. Servicers and foreclosure attorneys (or trustees) must institute the halt on foreclosures for eligible homeowners no later than November 26, 2008.
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