Friday, November 12, 2010

Re-Foreclosure

Yes it's such a good thing we left these guys in charge of everything.

Hundreds — and possibly thousands — of Massachusetts homeowners are facing back-to-back foreclosures as lenders realize there were problems with property titles the first time around. Those lenders, often unable to obtain title insurance, are opting to start from scratch with what is being called a “re-foreclosure.’’

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Not all tenants enjoy such an outcome, however, and those who receive notice of a re-foreclosure often are confused.

“They are weirded out,’’ said Zoe Cronin, a staff attorney with Greater Boston Legal Services, which provides legal representation to low-income people. Cronin said she knows of about a dozen recent re-foreclosures. “I’ve met former owners [who are] saying, ‘What is this? I got a letter saying I own my house again,’ ’’ she said.