The Telegram reports from Massachusetts. “Foreclosures more than doubled in Massachusetts in 2007, according to The Warren Group. There were 7,653 foreclosure deeds in 2007, up 148 percent from the 3,086 in 2006, and up 600 percent from 1,092 in 2005. For those who purchased homes at the peak of the housing bubble, they may owe more than what the home is currently worth. And some of those who refinanced to cash out some equity added to their mortgage debt.”

“Heather and Richard DiStefano have not been able to convince their lender to accept a short sale offer of $240,000. They fell behind in mortgage payments for a home they purchased for $306,500 in 2006 in Worcester. After putting $30,000 down, their adjustable-rate, interest-only mortgage went from 6.75 percent to 9.75 percent over two years.”

“Their monthly payments rose from $1,300 a month to over $3,000, not including tax escrow, Ms. DiStefano said. ‘I haven’t paid (a mortgage payment) since August,’ she said. ‘There’s also outstanding taxes and water bills. I can’t pay $3,000 a month. We are so far behind…

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