Foreclosures Continue to Plague the Massachusetts Real Estate Market
Although we continue to read stories about the booming real estate market in Boston with condominium units going for unheard of prices of up to $35 million, there continues to be a dark spot on the residential real estate industry. According to an August 2, 2015 article in the Boston Globe, foreclosures statewide increased nearly 60 percent over the first five months of 2015 compared to the same period in 2014. The article attributed this to a backlog of loans that have been in arrears for years that lenders are finally winding through, which was stated by Tim Warren, chief executive officer of the Warren Group. Another article in the Boston Globe on September 12, 2015 described the dichotomy of the Massachusetts real estate market, where some communities in and near Boston are thriving with prices surpassing pre Great Recession values, to compared to other areas not far from Boston, where foreclosures continue to be a problem. The article stated that the surge of foreclosures in Massachusetts last year was the 12th biggest in the country.
At Sidell Law Offices, we have been assisting clients since 2009 with their problems with their mortgages and lenders. Banks were once the bedrock of America and the most trust worthy institutions that everyone relied upon. Unfortunately, we have seen many instances where this could not be further from the truth. Lenders have taken great advantage of the average homeowner and continue to do so. We have seen lenders behave unscrupulously with very little regard for the law when it comes to their borrowers. Some of the cases that we have been involved with include clients who are totally disabled, and paralyzed veterans. The lenders had extremely unethical underwriting standards that set borrowers up for failure.
The lenders also appear to work on the premise that they have the deep pockets to be able to wear down their borrowers into submission. This also includes government backed agencies such as Fannie Mae. Borrowers cannot fight this fight on their own. That is where Sidell Law Offices has concentrated its efforts over the last 6 years, relying on over a quarter of a century of experience in real estate law in Massachusetts.