From The Motley Fool: contributer John Rosevear offers this sage advice.

Posted by Bill McLeod at 4:59 PM | Permalink | Comments (0) | TrackBacks (0)

The news today is that the US Economy is expanding faster than estimated. One might think that things out there are looking better for struggling homeowners.

That’s not the case.

Today Cape Cod Times and the Boston Herald report that Massachusetts home foreclosures rose by 66.5 percent in July, compared to July 2006. Foreclosure auctions were up 130 percent in July. The Cape only saw a 27 percent increase in foreclosure petitions. However, Nantucket foreclosures more than doubled.

All of this information is important for homeowners, especially those who are still clinging to the hope that they will be able to refinance their mortgages. There are good reasons why that hope exists. Among them are the assurances they received from mortgage brokers and others who told them their property values would continue to rise, and they could borrow against their equity.

But as foreclosures continue rise and as prices deflate that hope is starting to run out. The question now: are homeowners running out of time? And that is a question I cannot yet answer.

Posted by Bill McLeod at 1:35 PM | Permalink | Comments (0) | TrackBacks (0)

The Boston Herald reports this morning:

The number of Massachusetts people filing for Chapter 13 personal bankruptcy jumped to 2,187 during the first half of 2007, up 85 percent over the previous year and up 78 percent during the same period in 2004, prior to when the U.S. bankruptcy system was overhauled in 2005.

The number of Chapter 7 liquidation filings also more than doubled to 4,251 during the first half of the year, compared to the year-ago period, according to preliminary data from the U.S. Bankruptcy Court’s Massachusetts District.

Read more here

Posted by Bill McLeod at 10:12 AM | Permalink | Comments (0) | TrackBacks (0)

I am thrilled to hear that Massachusetts Attorney General Martha Coakley has announced the establishment of a Pro Bono Foreclosure Assistance Hotline. The hotline is designed to steer low income Massachusetts residents to professionals who can offer them the help they need. (I am also pleased to let you know that both Roy and I are among the volunteer lawyers).

The numbers are (800) 342-5297 or (617) 603-1700.

Read more here.

Posted by Bill McLeod at 2:46 PM | Permalink | Comments (0) | TrackBacks (0)