Lynn’s foreclosure rate well below neighbors

September 30, 2010
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It is hardly a surprise that foreclosures have caused dozens of Lynn property owners to lose their homes during the past three years.

In fact, from August 2009 to August 2010, 50 homes were foreclosed on by their mortgage holders in this city.

However, in neighboring Revere the numbers are much larger, with hundreds of homes foreclosed upon since the real estate marketplace collapsed more than four years ago.

Lynn’s foreclosure difficulties are relatively small when compared with the vast number of structures in the city.

Foreclosures are up everywhere in Massachusetts.

Statewide, there were 4,290 foreclosures in August. The year to date figure is 36,533

The unwillingness of banks and mortgage companies to renegotiate loans to lower rates of interest or to change them altogether to stave off a foreclosure has come to hurt many homeowners seeking a way out. Government programs intended to slow foreclosures or to protect homeowners from them have been a complete failure.

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