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Finding a decent home for your family need not be costly, especially now that there is an alternative to buying brand new homes. Massachusetts bank foreclosed homes offer buyers with a wide selection of residential properties sold at prices that are so affordable.
As of this year, foreclosures rate in Massachusetts has been steadily increasing but nothing can prepare local officials and residents with the whopping 101 percent increase in May compared to April. As always the high foreclosure properties activity is being blamed to the thousands of subprime mortgages that defaulted because of increasing interest rates as well as high cost of living.
It does not help that most of these owners facing foreclosure where not qualified candidates for mortgage loans. But because there were aggressive lenders who want to earn commissions of these people during the housing boom, they relaxed their underwriting guidelines and approved loans, which these borrowers could never afford.
With offers of interest only payments, no down payments and even adjustable interest rates, subprime borrowers believed that they got a great bargain. When these adjustable rate mortgages started resetting, most were surprised with the 40 to 50 percent increase in their monthly mortgage dues.
And the problems for these owners do not stop there. As the market conditions become sluggish, home appreciation rate is affected. Even if these owners consider selling their homes, the equity they have is not even sufficient to cover their mortgage debt.
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