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Wealthy Massachusetts Communities Experience Foreclosure


Posted on Mar 12, 2010

March 12, 2010 - Dover, Mass. - While public perception suggests that home foreclosure only affects middle-class or lower-income residents, statistics say otherwise. In fact, many affluent Massachusetts neighborhoods are experiencing the problem of wrongful foreclosure. 

The Boston Globe
reports that some homes in Massachusetts that are worth close to $1 million are currently on auction because their owners simply cannot make the mortgage payments. In some cases, the homeowners had tried everything they could to save their homes, including a loan modification.

Not every bank or lender is willing to help a distressed homeowner, and these individuals may find themselves losing a home that they have had in their family for years.

Foreclosure petitions in Norfolk County rose by 33.5% last year. On a bright note, there were 17.4 fewer home auctions, which means that some homeowners were able to save their homes at the last minute. Unfortunately, the number of petitions is a precursor to the number of upcoming home foreclosures, which means that there are likely many more to come.

Officials claim that previous foreclosures were mostly due to banks handing out subprime loans to nearly anyone, including those who could not normally afford to buy a house. Many recent foreclosures are due to job loss or long-term illness, which is likely why people who were otherwise unaffected by the subprime loan fiasco are now losing their homes.

The Massachusetts wrongful bank foreclosure attorneys at Phillips & Garcia will fight for your rights in foreclosure class action case. We are committed to protecting your best interests and helping you collect the damages you need and deserve to move on with your life. Contact Phillips & Garcia today to schedule your FREE legal consultation - (877) 892-5620. 

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Legal Help for Wrongful Foreclosure and Seizure in Any State.  Phillips & Garcia, P.C., a leading law firm in wrongful foreclosure and seizure cases, is now taking cases in any state where there has been a wrongful foreclosure, lock-out and trash-out of a borrower's home.  We are licensed in Massachusetts and associate with a qualified attorney in your state.