Jul 30, 2014

More Somerville Foreclosures in Pipeline Through February

There have been twice as many initiated foreclosures in Somerville this year, but completed foreclosures are down.

More Somerville Foreclosures in Pipeline Through February

Through February, there were fewer completed foreclosures—foreclosure deeds—in Somerville than during the first two months of 2011.

That said, the city could be in store for an increase in foreclosures this year as foreclosure petitions, which represent the initial stages of the foreclosure process, have risen.

Through February, there were 10 foreclosure petitions in Somerville this year, compared to five during the same time period last year.

These figures come from the The Warren Group, publisher of Banker & Tradesman.

Across the state, foreclosure deeds on the year were up to 1398 through February, as compared to 1050 last year, and foreclosure petitions were up to 2727, compared to 1487 last year.

A report in the Boston Herald said Martha Coakley, the Massachusetts attorney general, was urging the Federal Housing and Finance Agency to make  more modifications in Fannie Mae and Freddie Mac loans to help provide relief to homeowners.

and 58 foreclosure petitions. However, in 2010 those numbers were 56 and 119, respectively.

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