December 3, 2007
Foreclosure Deeds Mount
By Matthew L. Brown
The number of foreclosure deeds filed in Massachusetts so far this year is nearly triple that of the first 10 months of 2006, according to the Warren Group, the Boston-based publisher of Banker & Tradesman.
Also, more petitions to foreclose were filed during the first three quarters of 2007 than were filed in all of 2006.
Through October, there were 6,324 foreclosure deeds in Massachusetts. At the end of October 2006, there were 2,112, and 2,634 for the entire year.
For the month of October, 731 foreclosure deeds were filed, an increased by 119.5 percent over the same month last year. The Warren Group reported that 673 foreclosure deeds were filed in September.
A petition to foreclose is the first step in the foreclosure process, and does not always end in an actual foreclosure. Some homeowners are able to sell, refinance or find another way out of foreclosure. When a home is foreclosed upon and sold by the lender, the transaction is recorded in a foreclosure deed.
Also, more petitions to foreclose were filed during the first three quarters of 2007 than were filed in all of 2006.
Through October, there were 6,324 foreclosure deeds in Massachusetts. At the end of October 2006, there were 2,112, and 2,634 for the entire year.
For the month of October, 731 foreclosure deeds were filed, an increased by 119.5 percent over the same month last year. The Warren Group reported that 673 foreclosure deeds were filed in September.
A petition to foreclose is the first step in the foreclosure process, and does not always end in an actual foreclosure. Some homeowners are able to sell, refinance or find another way out of foreclosure. When a home is foreclosed upon and sold by the lender, the transaction is recorded in a foreclosure deed.
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