Petitions to Foreclose Increase 70% in 2006
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| The number of petitions to foreclose, the first step in the foreclosure process taken by lenders, rose 70 percent in the Bay State in 2006 to 18,926 from 11,155 in 2005, according to Banker & Tradesman’s parent company, The Warren Group, which tracks the petitions filed at Massachusetts Land Court. |
By Aglaia Pikounis
Foreclosure activity in Massachusetts spiked last year, alarming housing advocates and foreclosure prevention counselors, many of whom are calling for more regulation of the mortgage industry.
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