Massachusetts Foreclosures Up

\r\nMassachusetts has reported that foreclosure filings in the state have jumped by 66% in the second quarter of this year. The disturbing rise in foreclosures will probably extend well into 2007, according to the same data. The first quarter of the year saw foreclosures in the state jump by 30%, an alarming situation in itself. But the second rise in foreclosures, more than doubling the number of filed cases, has unsettled homeowners and government alike.\r\n

Though the number of past-due mortgages and foreclosures in Massachusetts are lower than the national average, the jump in each situation within the state is a cause for concern. The rise in foreclosures seems to be just the beginning, with some thinking that the upward trend will continue into 2007 or 2008. To counter some of the bad news, mortgage professionals point out that the number of mortgages in the state has increased as well, making the chance of foreclosure larger in turn. Once a foreclosure is filed, homeowners have the option of refinancing or selling the property to avert the situation, or taking no action and reverting the home back to the lender.\r\n