Foreclosure Notices: Politicians Continue To Promise As Foreclosure Woes Continue

The figures are staggering – 8,700 in Bay State have become homeless since January this year. Lawmakers are talking and talking about the foreclosure blues. The talk continues.

Currently Attorney General Coakley, Mayor. Menino and other top ranking activists had tried full speed ahead to pass regulatory restrictions on faulty lending practices. In Beacon Hill similar hearings had been held. But the Bill still remains in the future tense. It is generating concern as Secretary of Sate, Galvin points to the rising number of house owners being overwhelmed by foreclosures. A strong minority is making its voice felt while the majority is one in its feeling of sympathy for the house owners.

The package that is being discussed focuses on preventing future anomalies. But it will give some respite to the present house owners facing foreclosure to catch up on their due payments. Galvin points out that even while the debate is raging more and more are being struck down as others are being issued foreclosure notices. The number is swelling alarmingly. The corridors of power are not fully realizing the enormity of the situation. Foreclosures are up by 66% in comparison to the previous year.

In Massachusetts about 2,000 notices are being issued each month to harassed house owners. About 1,000 are being auctioned off. There is an overall sense of urgency against this backdrop of intense activity in foreclosures. It is an all round feeling, says Joseph Kriesberg, president of a Massachusetts community development association. Not many are fully realizing the fallouts from this foreclosure fiasco. It is not confined within the zone of borrowers and lenders. Firstly there is the socio-economic angle. The taxpayer has to bear the cost of keeping evicted people in subsidized housing quarters. Secondly generation of ill feeling is leading to unbridled lawlessness. Unkempt houses are inviting vagabonds and drug parties. Then real estate foreclosure prices of entire neighbourhoods are falling. Foreclosed properties lying in a state of limbo care little for genera maintenance or payment of municipal taxes. Nature hates vacuum – snakes and frogs, dirt and slime have moved in with overflowing garbage vats. Fourthly too many foreclosures mean too little money rolling in to mortgage firms. The latter are closing shop. Last but not least investors are losing trust. Stocks are falling. The world market is trembling as the dollar now begins to fall pinching all pockets.

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