Boston Herald (06/10/08); Kronenberg, Jerry
Foreclosures in Massachusetts have fallen from 3,327 in April to just 390 in May, but housing market observers say the 88-percent decline in filings is the temporary result of a new law that forces lenders to wait three months before they can take a home. State officials hope the 90-day "cooling off" period will give lenders more time to work out deals for lowering interest rates and making other concessions, but critics view the law that took effect on May 1 more as extending the six- to 12-month court procedure that lenders follow. "You're dragging out what's already a very long process--and the end result is probably going to be foreclosure anyway," says Kevin Cuff of the Massachusetts Mortgage Bankers Association.
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