If you were late with your mortgage last month, you’ll find yourself among 2,207 Massachusetts residents who are being foreclosed upon. Now you probably paid your bill right away when you got the money, didn’t sleep for a night after the automatically computer generated letter came in the mail, and are now squirreling away a “rainy day” fund so this never happens again.

I hope 80% of the people on this list fall into this category. Oh and I forgot to mention your FICO score will take a hit for being late, but that’s to make sure it never happens again. (Nod your head here).

I take issue with ForclosureMass Corp. who puts out these numbers because there are several different stages of foreclosure, the stage above being the first and lesser stage of the others.

I think ForclosureMass Corp. should report on the third stage only, not because I’m a spin doctor and all this bad press makes my card-carrying National Association of Realtors skin crawl, but because that’s the stage of foreclosure where a home is actually seized and auctioned off.

It paints a much more accurate picture of the financial strife homeowners in MA might be going through and eliminates 75% of the people who made a mistake and quickly corrected it.

Disclosure: I am not a member or NAR - just like to keep them honest.

For the Boston Globe article Click Here.

Filed under: Boston Real Estate Editorial