Foreclosures in Worcester County on the decline

Real estate transactions involving properties facing foreclosure can spell bad news for the owners of these properties, who may need to rely on a short sale or other real estate transaction to try to avoid foreclosure. However, in some good news for Worcester homeowners, the number of new filings for foreclosures in December of 2016 in Worcester County went down by almost 28 percent when compared to December of 2015. Moreover, during that same timespan in Worcester County the amount of completed foreclosures went down approximately 10 percent.

Across Massachusetts, foreclosure activity has been on the decline. Across the state, the number of new foreclosures in December of 2016 fell by approximately 30 percent when compared to December of 2015. The amount of completed foreclosures remained the same.

In recent years, Massachusetts saw an increase in foreclosures as lenders addressed delinquent loans, some of which were incurred during the 2007 to 2009 "Great Recession." In Worcester County there were 2,132 new foreclosure filings in 2016 and 1,473 completed foreclosures.

Massachusetts residents may be heartened to hear of the decline in foreclosures in the state. That being said, if a homeowner owes significantly more on their mortgage than what their property is worth and cannot make their monthly payments, they may want to look into the possibility of a short sale, which could help them avoid foreclosure. Those with questions about using short sales to avoid foreclosure, or conversely purchasing foreclosed-upon properties, may want to get more information about real estate law.

Source: telegram.com, "Worcester County foreclosure filings fall," Lisa Eckelbecker, Jan. 31, 2017

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