Welcome to Foreclosure Help Guide
Help In Massachusetts For Foreclosure Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Help to Prevent Foreclosure
from:If you find yourself caught in a mortgage that you can no longer afford, you may need to find help to prevent foreclosure. The recent subprime mortgage crisis has prompted many local, federal and privately run agencies to develop programs that help to prevent foreclosure. Subprime mortgages are offered to borrowers with a few blemishes on their credit record that can’t qualify for prime rates. Usually offered with a limited time “teaser” rate that is significantly lower than the actual rate, these subprime mortgages cause many borrowers to find themselves with a mortgage that they can’t afford when the teaser period runs out. These are the borrowers that are looking for help to prevent foreclosure. Many times, these borrowers are not told of the actual cost of the mortgage until it is too late, making them victims of predatory lending.
The best place to start your information search for help to prevent foreclosure is your lender. Lenders have a lot at stake when a home goes into foreclosure. Research shows that a lender loses, on average, between fifty to sixty thousand dollars for each foreclosure. They are in the business of lending money, not owning or selling houses. They have many programs set in place to help you when you get behind in your payments. Never ignore communication from your lender. As they are willing to help and have many programs available to do so, most programs are designed to help those that are only 1-2 payments behind. Early intervention may be the difference between keeping your house and foreclosure.
The US Department of Housing and Urban Development (HUD) is the federal agency responsible for offering help to prevent foreclosure. Their web site if full of information, tips and advice to help prevent foreclosure. Because you can customize your search based on location, this web site is the most comprehensive place to find the help you are looking for. They also offer counseling by local HUD approved financial counselors. These counselors are able to evaluate your individual situation and make recommendations on their findings. They also provide local resources, such as county specific help to prevent foreclosure.
It is important when faced with a mortgage that you can no longer afford that you seek help to prevent foreclosure early. As there are many programs that have been developed to assist you, many can only be implemented before you get too far behind. Be sure to conduct thorough research before committing to any one program. Finding the help to prevent foreclosure that will suit your situation is possible, but you must be willing to do the research it takes to find it.
Help In Massachusetts For Foreclosure News
AG Coakley says HomeCorps program will help repair damaged caused by the foreclosure crisis
Massachusetts Attorney General Martha Coakley on Wednesday unveiled one of the first foreclosure-prevention programs in the nation that uses proceeds from a landmark settlement with five major US banks to help struggling homeowners. HomeCorps will offer counseling and grants worth $16 million to Massachusetts homeowners, and another $10 million in grants to individuals and communities combating ...
Read more...Attorney general expected to detail program for Mass. homeowners threatened with foreclosure
A new program to help prevent unnecessary home foreclosures, paid for with a $25 billion multistate morgage loan settlement with five major US lenders, is expected to be unveiled Wednesday by Massachusetts Attorney General Martha Coakley. The program, HomeCorps, will offer $24 million in grants for borrowers facing foreclosure as well as aid to neighborhoods. The attorney general’s office said ...
Read more...New foreclosure-relief plan for Mass.
A new program to help prevent unnecessary home foreclosures is expected to be unveiled Wednesday by Massachusetts Attorney General Martha Coakley.
Read more...Anti-foreclosure bill on move at Mass. Statehouse
A bill designed to prevent unnecessary foreclosures is making its way through the Massachusetts Statehouse.
Read more...Fitchburg, Registry of Deeds launch foreclosure program
By Michael Hartwell mhartwell@sentinelandenterprise.com@sehartwell on Twitter FITCHBURG -- The Worcester Northern District Registry of Deeds and the city of Fitchburg are announcing a partnership designed to aid homeowners at risk of
Read more...