Lenders filed 3,040 petitions to foreclose in Massachusetts Land Court in October of 2007, marking the second time petitions filed rose above 3,000 in 2007, according to The Warren Group, the Boston-based publishers of Banker & Tradesman.
In August of 2007, 3,115 petitions to foreclose were filed.
The 3,040 petitions filed in October represent a 43.9 percent increase over the 2,112 petitions filed in October 2006. For the first 10 months of 2007, 24,155 petitions to foreclose were filed, up 62.7 percent from 2006, according to The Warren Group.
Petitions to foreclose are the first step in the foreclosure process, and do not always end up in actual foreclosure.
