Comments on: Massachusetts Governor Puts Moratorium on Foreclosures

By: Government Intervention Just Postpones Pain For Foreclosures : The Real Estate Bloggers

Fri, 31 Oct 2008 14:11:51 +0000

[...] talked about this before when Deval Patrick, governor of Massachusetts stopped foreclosures for 90 days. Well the results are in, and sure foreclosures dropped in the 90 day window. But look what [...]

By: JL

JL — Tue, 08 Jul 2008 16:00:04 +0000

I think this is a great idea! BUT:
Not if you don’t do anything with the 2 months, like arrange 30yr fixed for those who merely need time to do it; to separate the savable from the damned,or at least something. If its just going give a 2 month break hoping that demand and prices will rise to give this crowd some liquidity, I have a bridge you might like to buy. All your’re doing is making the rat moving through the snake get bigger, and an uglier mess when it comes out the other end.

By: Jim Johnson CRS

Jim Johnson CRS — Sat, 05 Jul 2008 19:21:48 +0000

Great Blog! I have been selling real estate in Bend Oregon since 1981 and find it refreshing to find a helpful blog like yours! Keep up the good work!

By: Debt, Meets Savings: Wish it Were Under Better Circumstances | Redfin Orange County Sweet Digs

Tue, 04 Mar 2008 14:51:37 +0000

[...] major collapse like this, the fallout is massive and so are the casualties. As with any tragedy, there are lessons here. Let us not forget this one even after the smoke has [...]

By: TSmith

TSmith — Mon, 02 Jul 2007 14:51:17 +0000

I work for http://www.CurrentForeclosures.com and we have been seeing a huge increase of foreclosures across the nation because of abusive subprime lending and ARM loans….however, I do not think that allowing homeowners who are struggling to suspend their payments for 2 months is the answer. I agree with Robotron, in that it is just anther 2 free months rent for these homeowners, and even in the unlikely event that it allows them to save the whole months mortgage payment to then help pay for the rest of their loan (like they will really save it-they have other needs that they have to spend it on), this money won’t last forever. Their mortgage payment will still stay the same (if not rise!), and they are still unable to afford it. Foreclosure is not a matter of being short for 1 month, or even 2. It is a matter of not being able to afford the mortgage period.

By: Lenders Respond To Massachusetts Governor On Foreclosure Delay — The Real Estate Bloggers

Sun, 24 Jun 2007 22:42:04 +0000

[...] yesterday’s moratorium on foreclosures announced by newly elected governor Deval Patrick we got a response from the Massachusetts Mortgage [...]

By: Robotron

Robotron — Fri, 04 May 2007 18:36:13 +0000

It’s just another 2 free months of rent for these homeowners.

By: Tom

Tom — Tue, 01 May 2007 16:33:31 +0000

For a new governor this is an auspicious start to his relationships with the business community.

By: Toby & Sadie

Toby & Sadie — Tue, 01 May 2007 15:12:39 +0000

This is a very difficult topic to address. From a political stand-point it is “quick-win” but in the long term this could really hurt mortgage options for Mass. residents.
I think the key is how the government helps the banks. Are they going to provide tax breaks or incentives for them to go along with the government on this moritorium. Or is this just a “stick the dealer” situation, which will likely cause a major fall-out with business in the area.