Massachusetts Foreclosure Prevention Resources
- Bankruptcy and Foreclosure
- FHA HOPE for Homeowners Program
"The HOPE for Homeowners (H4H) program was created by Congress to help those at risk of
default and foreclosure refinance into more affordable, sustainable loans. H4H is an additional
mortgage option designed to keep borrowers in their homes.
The program is effective from October 1, 2008 to September 30, 2011.
As many as 400,000 homeowners could avoid foreclosure through this program over the next three
years. If you are having trouble making your mortgage payments, HOPE for Homeowners may be
able to help you, by refinancing your loan into a new 30-year fixed-rate loan with lower payments.
How the Program Works
There are four ways that a distressed homeowner could pursue participation in the HOPE for Homeowners program:
- Homeowners may contact their existing lender and/or a new lender to discuss how to qualify and their eligibility for this program.
- Servicers working with troubled homeowners may determine that the best solution for avoiding foreclosure is to refinance the homeowner into a HOPE for Homeowners loan.
- Originating lenders who are looking for ways to refinance potential customers out from under their high-cost loans and/or who are willing to work with servicers to assist distressed homeowners.
- Counselors who are working with troubled homeowners and their lenders to reach a mutually agreeable solution for avoiding foreclosure
- Mortgage Forgiveness Debt Relief Act of 2007 (Bankrate.com)
Article explaining how the Mortgage Debt Relief Act of 2007 can possibly eliminate the Federal
Income Tax burden when a short sale is used to "get out from under" a mortgage.
- Introducing the Mortgage Relief Fund . Citizens Bank, Sovereign Bank, TD Banknorth, Webster Bank and Bank of America have committed Five-Million Dollars in funds to create the Mortgage Relief Fund. The Mortgage Relief Fund's goal
is to help eligible homeowners in New England refinance into more conventional fixed-rate loans that will better suit
their needs.
- HOPE Hotline to Help Avoid Foreclosure
If you are currently having, or anticipate having difficulty making the payments on your mortgage, or have
recently received a foreclosure notice, you are urged to contact NeighborWorks' HOPE Hotline at
(888) 995-HOPE (4673), or at http://www.995hope.org/ Counselors on the HOPE Hotline are available 24
hours a day, 7 days a week to advise you on the resources available to Massachusetts homeowners.
- MassLegalHelp
Describes the foreclosure process, how to deal with these new owners, and how foreclosure
affects your rights and responsibilities as a tenant." Provides key information, including eviction and how to
get your security deposit back.
- Massachusetts Division of Banks Consumer Complaint Form
If you feel that something wasn't quite right with the way your financial institution handled your mortgage
application, the Massachusetts Division of Banks now has an online (or printable) complaint form you can
fill out or mail in, located at the link above.
Massachusetts Law and Regulations
Massachusetts Government
Federal Law
Federal Truth In Lending Act (TILA)
Mortgage Information Resources
- Mortgage Resource Center (Courtesy of The Mortgage Lender Implode-O-Meter.com)
Loaded with Information and Videos to educate you about the entire Mortgage process
Other Resources and Information
- Protecting Your Investment - Understanding Home Financing and Avoiding Foreclosure
Brochure developed by the Massachusetts Office of the Attorney General, and The
Massachusetts Association of Realtors
- Negative Equity and Foreclosure: Theory and Evidence (Federal Reserve Bank of Boston)
Christopher L. Foote, Kristopher Gerardi, and Paul S. Willen
- Selling in a sea of foreclosures By Marcie Geffner • Bankrate.com
"You need to sell your home as quickly as possible and for top dollar. But the only buyers in the market seem to
be bottom-fishers who want to snap up a bank-owned property at a substantial discount. How can you sell your
home when you're surrounded by foreclosures?
- 8 do's and don'ts for fighting foreclosure By Bankrate.com
"In the beginning of the foreclosure process, homeowners can still save money, their credit or their house if they
act quickly. Even when declaring bankruptcy, avoiding a foreclosure on your credit report can salvage your ability
to rebuild credit and buy another house, which makes the struggle against a possible foreclosure well worthwhile".
- Foreclosures at a glance By Michael D. Larson • Bankrate.com
"As borrowers fall behind in their payments, they can expect lenders to react in specific ways at specific times.
Here's a look at the time line from late payment to foreclosure"
- New tax breaks a relief to homeowners By Marcie Geffner • Bankrate.com
"Homeowners found three attractive tax breaks among their holiday presents, thanks to the federal Mortgage
Forgiveness Debt Relief Act of 2007, which was enacted in December"
- A Real Story on How Fight for a Countrywide Loan Modification
By Moe Bedard on October 6th, 2007
- You're in luck. Your mortgage lender has flipped, sliced and diced your loan--and now no one knows who holds it.
(Forbes) 06/17/2007
- Foreclosure Defense: Rescission Letter, Demand Letter
Neil Garfield's Livinglies’s Weblog
- Is a Defective Mortgage Protected From a Preference Claim?
by John C. Murray
|
