Wolves in Sheep's Clothing?

Boston

A report and video from channel 5 focusing on the pre-foreclosure business in Boston.

“You can call it bottom feeding, but I think it's doing a service.” said Shelia Farragher-Gemma (co-founder of ForeclosuresMass.com), when asked by channel 5 reporter Sean Kelly if approaching people in pre-foreclosure stage is considered bottom feeding.

“A lot of these people are behind the 8-ball and they need to figure out a way to get out, that's one of the things we try to do, is show them ways to get out” said investor Derek Ebrecht .

Reporter Sean Kelly then asks: “You keep saying its helping people; I see it as making money?”

Ebrecht responds: “Hmm. Ah well, I have to… Everyone has to make money”

The full report can be found here.

These flippers are serious and are out there every day knocking on peoples’ doors to the point where they are now becoming a privacy concern.

ForeclosuresMass.com reported April foreclosure filings in Massachusetts dipped slightly from March but are up 63 percent year-over-year. The state experienced 2,002 foreclosure filings last month, down from 2,190 in March. There were 1,228 foreclosure filings in April 2006, the company said.

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