Mortgage- and foreclosure-related complaints have quadrupled over the past two years to become the No. 1 reason Massachusetts consumers contacted Attorney General Martha Coakley's office for assistance in 2011.
Coakley's office handled 983 complaints reporting issues with mortgages, foreclosures and loan modifications in 2011, representing a 431% increase since 2009. For the first time ever, mortgage complaints ranked first in 2011, outnumbering those related to auto sales, leasing and defective auto parts by 164 complaints.
‘This data confirms what we have known for some time – the subprime lending and foreclosure crisis is a major concern for homeowners who are often faced with losing their most valued possession,’ says Coakley. ‘It is further evidence that resolving this foreclosure crisis is the single most important thing we can do to restore a healthy economy.’