Bankruptcies Surge in Massachusetts as Families Try to Save Their Homes
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There has been a surge in bankruptcies in Massachusetts as families try to save their homes from foreclosure. The attorneys involved in the bankruptcy process say most of those coming in are families with adjustable loans who are now unable to make their mortgage payments and pay their other bills. In an effort to save their homes they are filing bankruptcy to negate the rest of their debts.
Local bankruptcy attorneys said the reason for the bankruptcy surge is simple: Homeowners are struggling with high subprime and adjustable-rate mortgages, as the housing market tanks in some parts of the state.
“It’s almost all (related to) mortgages,” said William McLeod, a Boston bankruptcy attorney who says his practice is now going stronger than before the 2005 changes to the nation’s bankruptcy laws. Those changes were supposed to reduce the number of people seeking bankruptcy protection. via BostonHerald.com.
I wrote back in November, 2005 that Massachusetts was especially vulnerable to a downturn as many of the residents were using the gains in housing as a bank account. Cash out equity was 14 percent of the disposable income in the state for 2004. Now we are paying the piper.
Well Tom, once again you have said it much better than I could have. Unfortunately the folks at Move, ...
It certainly does not bode well for a fast recovery in the economic climate. This will affect all real estate ...
I HAVE 25 YEARS EXPERIENCE IN TELECOMMUNICATIONS..HOW DO I APPLY AT KAI. 
Definitely not a fan of Move Inc.!!! 
A lot of you really need to go back to kindergarten and learn to spell correctly. If you cannot spell ...
In 2008, there was an extension to push first-time home buyers to purchase their homes quickly since the program did ...
I also need HELP and don't know what to do about my problem. I have a garden apartment off ...
I have the same situation. I sold my home in July and am scheduled to to close in a few ...
My cousin in Maryland going thru same thing as Jack Thomas. Have loan Mod Agreement from Countywide dated April 2009, ...
Print Ads is the popular way to advertise among seniors in the business industry but today it seems like it ...
Comment by John S on 3 August 2007:
I wish that more information was available to people that are in trouble. There is no reason to go to foreclosure or bankruptcy. Many are unaware that if you are really in trouble you can often short sell. It hurts the credit, but not like a foreclosure or bankruptcy. I was able to get out of my house without bankruptcy that way. You just have to be careful of scams.
http://www.shortsellhouse.com
Comment by Max Netten on 27 March 2009:
It is sad that people will always live on the edge. Never a spare penny put away, always consuming all the value from their houses so if times get a little tight they have to scramble into bankruptcy.
Another failure of our educational system to teach the basics of life. Personal finance and sex education.