Activists of Massachusetts marching to Washington lobbied for federal funds to stall foreclosures. They demanded a share of $1 billion earmarked to help the house owners at risk from foreclosures. This scheme was part of a multi forked attempt by Washington to tackle the foreclosure problem. The money from Emergency Homeowners Loan Program would give [...]

The iconic building of Boston, The John Hancock Tower, has been hit by foreclosure pangs. Next month it will be sold off to the highest bidder. Lenders foreclosed upon its owner Broadway Partners that had been lagging behind in mortgage payments and also on two other properties it had bought in 2006. The team of [...]

Foreclosures in the best of times are bad but now in winter the problem is aggravated by the neglected burst pipes of vacant foreclosed houses. It is causing headaches for the town and city authorities involving safety hazards. One of the worst hit regions is Marlborough. The fire and building departments are facing a tough [...]

In the real estate market this is the worst scenario since World War II. The foreclosure crisis has badly hit sale of houses. There are all the indications of a looming recession. Sale of houses is down, unemployment figures are worsening and consumer confidence is at an all time low. In a report released by [...]

Foreclosures are the mere symptoms. The call of the hour is to dig for the root causes of foreclosures. Once that is found then the symptom can be uprooted – but not before. No solution will be effective if the remedial arrow is blindly thrown in the dark. The usual run of thinking points to [...]

In Massachusetts certain types of properties are more in number in the foreclosure market during February. This is from a report issued by The Warren Group – publishers of Banker and Tradesman. The worst hits are the two and or three family houses in comparison to the one family houses and condos. As compared to [...]

Government officials together with executives from prime mortgage lending firms of Massachusetts are to meet today to discuss avenues of escape for the victims of foreclosures. Dan O’Connell, the secretary of Housing and Economic Development of the Patrick administration has taken the initiative. He corresponded with executives of top ten mortgage firms in Massachusetts asking [...]

Federal Housing Administration (FHA) is a part of the Housing and Urban Development (HUD). FHA offers different insured mortgages programs such as Section 203b Insured Mortgage, Section 255 Home Equity Conversion Mortgage (HECM)-Reverse Mortgage, Insurance Premium refunds, Graduate Payment mortgage Insurance (Section 245) etc. FHA also offers Down payment grants such as the AmeriDream, Nehemiah [...]