The news on the foreclosure front just keeps getting tougher and tougher; Massachusetts foreclosures have now reached the highest level of 2010. The Warren Group counted 2,713 new foreclosure petitions filed in August alone. 2,307 foreclosure petitions were filed in July in Massachusetts.
Foreclosure petitions indicate the start of a new attempt to foreclose on a home or other real estate.
If you live in Massachusetts and are facing foreclosure, a bankruptcy petition can give you breathing room to re-organize your finances. In some cases, Chapter 13 of the bankruptcy code can be used to keep people in their homes who would otherwise lose them. Bankruptcy can also be used as leverage to bring recalcitrant lenders to the negotiating table concerning loan modification. And even if there is no possibility of saving a home, a bankruptcy petition will eliminate liability for a mortgage, so debtors can rebuild their lives without being hounded for a mortgage debt they will never be able to pay.
By Doug Beaton