the
Boston Real Estate Blog

Sponsored by John Ford Realty
137 Charles Street, Boston
realtyford@yahoo.com
617-595-3712
617-720-5454
151 Tremont Street
617-482-0010

Lenders go into overdrive to clear out backlog of delinquent mortgages

For the second straight month, the number of foreclosure filings have spiked in Massachusetts, more than doubling in April compared to the same month in 2013.

What’s going on? Is the market tanking again? Is it a return to the ugly past?

Not really. Apparently lenders are now going all out to clean up their books and aggressively targeting the final backlog of delinquent mortgages, officials say.

And then lenders will presumably have enough money to lend again and repeat the entire boom-bust process that created the current delinquent-mortgage backlog in the first place.

Ah, the circle of life.

One Response to Lenders go into overdrive to clear out backlog of delinquent mortgages

  • Instead of forcing out the delinquent loans they should consider making the loans assumable, making the home appealing to a potential buyer, and the seller able to get out from the underwater mortgage and try to get a new home that they can afford.