March's Latest News

Foreclosure rates sky high in Massachusetts

On Wednesday March 14 th News Center 5's Amalia Barreda gave a report about the soaring rates of home foreclosure in Massachusetts , numbers that are 92% higher than last year.

These numbers are so high that any one in the state can loose their house anytime. A home is a place that one does not like to abandon so easily especially if it has taken years of investment to achieve it.

Mortgage broker Don Larsen spoke to his client that the New Century Mortgage, a wholesale lender, can not arrange the cash for a promised $417,000 mortgage.

The worst sufferers of mortgage lenders stepping out of deals are sub prime borrowers, or buyers who don't have a healthy credit. Financial experts said that the interest rates are increasing and housing costs are plummeting, it is becoming difficult to do the payments, especially on modifiable price mortgages.

The state bank commissioner Steven Antonakes has ensured that they are looking for proper methods to better the situation and help people who are facing foreclosure. They are also making plans to prevent more and more people from coming under this problem as it is very alarming circumstance for some.

http://news.search.yahoo.com/news/search?p=foreclosure&c=yahoo_news

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