While end of year statistics are not yet in, the good news for our Massachusetts clients is that the number of foreclosures is trending down. There were 27.3% fewer foreclosures through October 2009 (7,707) than the same period a year earlier (10,603). The auction numbers were down 9.8% for that time period. Statistics just out from Banker and Tradesman shows that November foreclosures are down as well.
Another good statistic is that the number of actual foreclosure deeds, which represents foreclosures that conclude (the property is not reclaimed by the owner) is also down significantly: 26.8% for the first 11 months of 2009.
Our firm has a 25 year track record of helping clients keep their home. Typically, a client can make mortgage payments, however, their consumer (credit card) debt, with ever changing interest rates, is what keeps them from getting ahead. Chapter 7 personal bankruptcy gives our clients a “fresh start,” whether that means keeping their home or allowing the foreclosure of a house too far underwater.