{"id":225202,"date":"2010-01-25T06:10:05","date_gmt":"2010-01-25T11:10:05","guid":{"rendered":"http:\/\/www.foreclosuredeals.com\/wp\/?p=4870"},"modified":"2010-01-25T06:10:05","modified_gmt":"2010-01-25T11:10:05","slug":"foreclosures-listings-slowed-in-ma-but-bankruptcies-rose","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/225202","title":{"rendered":"Foreclosures Listings Slowed in MA, but Bankruptcies Rose"},"content":{"rendered":"

Foreclosures listings<\/a> slowed in Massachusetts in 2009, but mortgage defaults and personal bankruptcies increased, based on research results from Warren Group.<\/p>\n

\"Foreclosures<\/div>\n

The number of completed foreclosures in the Bay State dropped by 25.4 percent to 9,269 in 2009 compared to the previous year, but the number of default notices increased by more than 28 percent to 27,928 compared to notices in 2008.<\/p>\n

Meanwhile, the number of residents who used Chapter 7 bankruptcy protection soared by 33 percent to 16,033 filings in 2009 from 12,034 filings in 2008.<\/p>\n

Chapter 7 bankruptcy filings enable debtors to wipe out most of their debts even if their non-exempt properties and assets are not enough to pay fully the debts. Chapter 7, the most commonly used bankruptcy type for individual debtors in the U.S., comprised 81 percent of total bankruptcy filings in Massachusetts last year.<\/p>\n

According to Boston lawyer Neil Burns, job losses and sharp declines in home values drove foreclosures listings and pushed more people into bankruptcy in 2009. During the latter part of last year, the sharp increase in credit card rates also exhausted people’s finances and left them with no option other than bankruptcy.<\/p>\n

In 2007, a total of 8,405 bankruptcies were filed, almost double total filings in 2008. The highest number of Chapter 7, however, occurred in 2005 when 22,526 people filed for bankruptcy. This was the time a federal law making bankruptcy filing more stringent was about to take effect.<\/p>\n

While Chapter 7 filings soared, Chapter 13 bankruptcy filings declined by 15 percent in 2009, with 3,511 debtors using Chapter 13 protection, which requires them to negotiate for a repayment plan that lasts between three to five years. A total of 4,147 residents filed for Chapter 13 in 2008.<\/p>\n

Chapter 11 bankruptcy filings, meanwhile, increased by only six percent to 215. This type of protection is commonly used by corporations struggling from debts to reorganize their operations and finances to be able to start again on a better footing.<\/p>\n

Another item tracked by Warren Group in 2009 in Massachusetts<\/a> was the number of announcements to auction foreclosures<\/a>. Nearly 20,000 auction announcements were monitored last year, an increase of almost one percent from announcements in 2008. Auction announcements reached 1,931 in December last year, over 60 percent higher than announcements in December the year before.<\/p>\n

In December last year, 857 homes in Massachusetts entered foreclosures listings, marking a jump of 22 percent from the previous month and presenting more opportunities for foreclosure investment<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Foreclosures listings slowed in Massachusetts in 2009, but mortgage defaults and personal bankruptcies increased, based on research results from Warren Group. The number of completed foreclosures in the Bay State dropped by 25.4 percent to 9,269 in 2009 compared to the previous year, but the number of default notices increased by more than 28 percent […]<\/p>\n","protected":false},"author":4092,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-225202","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/225202","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/4092"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=225202"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/225202\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=225202"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=225202"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=225202"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}