Thursday, January 26, 2012

Foreclosure Update:

Here's a current look at our country's foreclosure trends:


Maine reports 287 new foreclosure actions. This means 1 in every 2455 housing units were affected by foreclosure last month.

New Hampshire has reported 519 new foreclosure actions, which means 1 in every 1156 housing units for their state.

Massachusetts leads the pack of New England states with 3,033 new foreclosure actions in December, 2011 resulting in a 1 in every 906 housing units being affected by foreclosure.

(See for more information.)

Avoiding a foreclosure judgment is still an option for people who have already been served with complaints.  Pursuant to Maine law, mediation is available for owner occupants of properties subject to a foreclosure action.  In this mediation, lenders are required to present both liquidation and modification options for the homeowner.  If a loan modification is not an option for you, pursuing a short sale is best remedy as it will likely reduce any deficiency owed on the outstanding mortgage, if not eliminate it altogether.  It will also have a better effect on your credit score than a foreclosure judgment or deed in lieu of foreclosure. 

Mary-Anne E. Martell, Esq. of Seacoast Law & Title is a certified distressed property expert trained in negotiating short sales on behalf of homeowners.   We make it our goal to get your short sale approved with your lender as quickly as possible to prevent a judgment of foreclosure.  Call to make an appointment for a consultation today.

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