Foreclosure Help in Massachusetts
Massachusetts is a judicial foreclosure state so that all foreclosure cases will go through the court. This means commonwealth state homeowners are well-advised to inform themselves of their rights and of what they can expect of the judicial process in a foreclosure case. We’ll look at some resources where they can investigate both, but first, let’s get an overview of homeownership in Massachusetts.
Homeownership in Massachusetts
Homeownership rates in Massachusetts lie slightly below the national average, at 61%. This statistic is more pronounced in Boston, the massive metropolitan area dominating Massachusetts. Boston homeownership fell below 60% in 2016, significantly below the national average, and has continued to drop due to demographic shifts in the city. Young people, primarily renters, are moving to Boston in large numbers, causing the rental/homeowner landscape of the city to shift.
Income and wealth in the commonwealth
Despite low homeownership rates, in other metrics, Massachusetts lies above the average. Median household income is above the national median, and growing more than 6% a year. Property values are more than $100,000 above the national average – and these, too, are growing, at about 4% per year. New residents, desirability, and a rental market in Boston are contributing to a swelling housing market and rising property values in Massachusetts. Homeowners living within the influence of MA’s capital should keep these salient trends in mind.
Have a specific question about Avoiding Foreclosure in Massachusetts? Check out our Foreclosure FAQ’s section.
Foreclosure Resources and Information
There are many resources available to Massachusetts homeowners facing foreclosure or wishing to inform themselves about the foreclosure process in their state. Here are a few right places to start:
- this list of information and resources from the MA state government, including typical foreclosure timelines, legal references, and links to organizations providing foreclosure assistance
- MassHousing, an organization providing foreclosure assistance loans
- for Bostonians, the Boston Department of Neighborhood Development provides referrals to foreclosure prevention services in your area
- the Massachusetts Housing Consumer Education Center, an organization, providing referrals to and valuable information for preventing foreclosure
Armed with these resources, Massachusetts homeowners can take a proactive approach to defend their homes from foreclosure, and learning what to expect should the need arise.