Boston Bankruptcy Lawyer Blog

The results are in for 2009: lenders filed a record 27,828 foreclosures in 2009, which is up from 2008. The jump was 28.1% according to the Warren Group, owner of Banker and Tradesman business newspaper. However, the number of "completed" foreclosures, is down 25.4% to 9,269. More than 2000 foreclosures were filed most months of 2009. In our bankruptcy practice, we have noticed a similar decrease in clients facing foreclosure.

The federal Department of Treasury announced new guidelines to streamline mortgage application processes for all mortgage applicants, including those in Boston and Massachusetts who apply for a mortgage associated with Fannie Mae or Freddie Mac. Our bankruptcy clients often are not able to save their homes because interest rates, and other costs, are just too high. http://www.neilburnslaw.com/lawyer-attorney-1397148.html

Beginning June 1, under the new regulations, the lenders will be required to obtain all necessary documentation at the outset, thus saving confusing and rejection later on. Further, some lenders require the collection of documents twice; this will save that step. The lenders will now require two pay stubs and a release so that the lender can go on-line and obtain a tax return from the IRS. Since the program began there have been 900,000 mortgage modification applications - unfortunately, only 1100,000 have been approved. December data shows an improvement in the rate of approvals.

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The Massachusetts Department of Public Utilities announced plans to increase energy efficiency with a goal of saving Boston and Massachusetts consumers over $2 billion per year over the next three years. Our clients are looking to save money on natural gas and electric bills under the Green Communities Act.

Essentially, the new law includes funding for the nations first carbon allowance auction, along with improved energy assessments of homes and incentives for the purchase of high efficiency lighting and appliances, heating and air conditioning and insulation. The plans require better multicultural and community based outreach. The requirements include a target of 2.4% savings in electricity costs, based on a decline in use of electricity, due to conservation. The Department of Public Utilities estimates that the law would add, or save, 4,000 jobs.

Continue reading "Massachusetts Consumers Will Reap Benefits of New Energy Policy" »