by iwd Tina | Jun 21, 2011 | Housing News
Boston, MA – July 20, 2010 – Today, the Warren Group released data that shows the number of completed foreclosures increased over 56 percent in the first six months of 2010 compared to a year earlier. Foreclosure deeds, which are recorded when a property has been foreclosed on, rose from 4,742 for the first half of 2009 to 7,431 during the same time period in 2010. Without further action to stem home losses, the Commonwealth is on pace to set a new record for foreclosures completed in a year – more than 14,860 households are on pace to lose their homes in 2010.
To address this crisis, we call upon the Massachusetts legislature to pass critical legislation before the end of the legislative session on July 31st.
An Act to Stabilize Neighborhoods would provide meaningful relief to keep people in their homes while they rebound from difficult economic times, at no expense to the state budget. The legislation would also reduce the public safety challenges that abandoned and blighted homes create in a neighborhood. Key provisions include 1) delaying a foreclosure by an additional sixty days if the financial institution neglects to consider a loan modification, 2) protecting lawful tenants of foreclosed properties from unnecessary displacement, and 3) criminalizing willful acts of mortgage fraud.
The bill passed the Senate unanimously and is currently before the House Committee on Ways and Means.
Please click here to download a copy of this statement.
by iwd Tina | Jun 21, 2011 | Housing News
Foreclosures in Massachusetts rose nearly 30 percent in October from the previous month, but 85 fewer foreclosures were recorded compared to the same month last year, according to the latest report by The Warren Group, publisher of Banker & Tradesman. At the same time, the number of foreclosures initiated in October dropped 9 percent from September but climbed 11 percent from a year earlier.
Please click here for the full article.
by iwd Tina | Jun 21, 2011 | Housing News
According to the Massachusetts Budget and Policy Center, Labor Day 2010 will be a challenging day for working people across America. The nation is in the third year of a terrible economic crisis, one that has claimed a larger percentage of US jobs than any other recession since the Great Depression. Adding to the pain, at 31 months since the latest recession officially began, the US now has regained a far smaller share of those jobs than in past recessions.
Please click here to read more.
by iwd Tina | Jun 21, 2011 | Housing News
Washington Post – Sen. Christopher J. Dodd (D-Conn.), chairman of the Senate banking committee, introduced a revised bill on Monday to overhaul financial regulation that included compromises forged with Republicans in recent months but fell short of winning endorsement from conservatives, including members in his own party.
Please click here to read the full aricle.
by iwd Tina | Jun 21, 2011 | Housing News
Please click here to view the 2010 income limits from HUD.
by iwd Tina | Jun 21, 2011 | Housing News
Law expands aid for homeowners facing foreclosure, creates new protections for renters in foreclosed buildings
BROCKTON – Saturday, August 7, 2010 – Continuing the Patrick-Murray Administration’s commitment to keep people in their homes and stabilize neighborhoods across the Commonwealth, Governor Deval Patrick today signed into law a package of comprehensive foreclosure initiatives. The legislation, “An Act Relative to Mortgage Foreclosures,” expands help for homeowners facing possible foreclosure, creates new protections for tenants renting apartments in foreclosed buildings and establishes mortgage fraud as a crime.
Please click here to read the full press release.
