State law slashes foreclosure rate, for now

By
Real Estate Broker/Owner with Boston Real Estate Solutions LLC

Here's an informative article posted on the Boston Herald discussing the foreclosure mess in Massachusetts.

http://www.bostonherald.com/business/real_estate/view.bg?articleid=1099776

I hate to say it, but an extra 90 days is not going to do many homeowners any good in saving their home. From my experience, if the home owner can't afford the payment and you have no equity (9 times out of 10 this is the case), a mortgage work out or loan modification isn't going to help that much at all.

For many of these struggling home owners, the 90 days will most likely just buy them more time to find suitable and affordable housing.

I help homeowners avoid foreclosure by working out a short sale for their home. For more information, please go to www.bostonrealestatesolutions.com.

Make it a great day,

Ruben

Comments (1)

Laura Moore Godek
Laura Moore Godek, PC - McHenry, IL

I think one of the concepts behind the 90 day period is the hope that the credit makert will loosen up a little in that time.

Jun 11, 2008 05:52 PM

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