Massachusetts Fights Back Against Forclosure

The real estate market is in a severe state of depression varying from state to state. Here in Boston Massachusetts we have not seen home prices drop as much as other parts of the country such as Nevada or Florida. In many of the Major cities like Boston for example, many Boston property management companies are seeing Rents up, and sales down. The cost of living is continuing to rise and more and more home owners are finding themselves in terrible financial situations. Over the past five years as the unemployment rate climbed over 9.5% many Bostonians and citizens across Massachusetts have lost their jobs. Houses that were once a dream for owners to call their own, have now turned into nightmares that owners cannot keep up with. Many of these homeowners have turned to Property management companies, J. Butler Property Management a Boston Massachusetts based real estate firm has seen a significant amount of owners turning to them to rent their home and manage it while they rent a cheaper apartment. In fact a little over a week ago, the state opened a foreclosure assistant hotline called HomeCorps, allowing Massachusetts home owners to call seeking assistance in preventing their homes from being foreclosed on. Attorney General Martha Coakley stated HomeCorps receive on average of between 200 and 300 calls per day from home owners who are in distress about their current housing situation. According to the Attorney General’s office, more than 45,000 people in Massachusetts have lost their homes to foreclosure during this economic crisis. Many of these homes are being auctioned off, given to Boston Massachusetts property management companies to take care of and a lot of homes are just sitting as the banks sort through their newly acquired portfolios of properties that they cannot get rid of. The state received 44.5 million as settlement for cases regarding illegal foreclosures and loan servicing with Bank of America, JP Morgan Chase, Wells Fargo, Citigroup, and GMAC/Ally. The same settlement calls for banks to provide ups of $250 million worth of mortgage relief across Massachusetts. Attorney General Coakley has taken initiative by trying to rebuild the market one house and family at a time. HomeCorps has loan modification experts readily available to advise home owners. Anyone in trouble with their mortgage or loans are encouraged to call, but especially those with mortgages covered by one of the 5 mentioned banks to avoid any more issues. Here at J. Butler Property Management we urge all owners and investors to consult with their banks and attorneys as often as deemed necessary. Especially in these difficult economic times, banks are cracking down on borrowers as far as eligibility, payment schedules, and forgiveness. Purchasing any type of real estate is one of the biggest financial investments a person can undertake, and also one of the easiest investments to quickly turn sour.

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