The Massachusetts HomeCorps program can help homeowners avoid a foreclosure. It was launched by the state, and is partially funded by federal government funds and money from various lenders that was part of the recently settled foreclosure-related fraud allegations. HomeCorps can help homeowners across Massachusetts receive mortgage assistance from a number of banks and lenders, including JPMorgan Chase & Co., Wells Fargo & Co., Citibank, Ally Financial Inc., and Bank of America Corp. The program can help facilitate loan modifications, refinancing, and principal reduction for qualified families.
Offices will be opened across the state. Staff of temporary and permanent workers and housing counselors will be based in Boston and other hard-hit cities across the state. HomeCorps offices will also be located in cities such as New Bedford, Springfield, and Worcester Massachusetts. Services are confidential, offered over the phone, and also through face to face counseling.
Each employee of this program is committed to addressing the foreclosure crisis, and they all agree that this is one of the most important things the state can do to restore a healthy economy and prevent homelessness. The statewide HomeCorps program is involved in utilizing funds from a number of sources, including the recent nationwide state-federal settlement over unlawful foreclosures as indicated above. The Attorney General’s Office also worked closely and is the primary agency that was involved in launching this statewide, free foreclosure prevention and borrower support initiative. The HomeCorps program offers information and advocacy, including a comprehensive three-part borrower support and referral initiative to borrowers.
The Loan Modification Initiative is one of the services offered by HomeCorps. This component can provide direct loan modification advocacy to distressed, low to moderate income Massachusetts borrowers. The modifications are intended to help many residents avoid unnecessary foreclosure, or prevent one that may be in progress. The initiative is currently being staffed by a statewide team of skilled Loan Modification Specialists, and the number of counselors dedicated to this effort continues to increase.
The Borrower Representation Initiative is one more part of what HomeCorps offers. This service will provide direct legal representation and aid to distressed and delinquent borrowers. The legal services will help borrowers receive loan modifications, block unlawful foreclosures, facilitate short sales, or it will help people pursue other potential claims. A number of attorneys and paralegals at civil legal aid offices across the state of Massachusetts will be funded by state and federal government funds. This will allow homeowners to access all of this legal aid at no cost to themselves.
Unfortunately some homes can’t be saved. So if you are too far behind on your home loan, then the HomeCorps Borrower Recovery Initiative may be the option for you. This is a general support and recovery network for those residents who have lost their home to foreclosure. It will in general help stabilize the borrowers’ housing situation, with the main goal of preventing homelessness and getting people rehoused. Staff at selected nonprofit organizations that are affiliated with HomeCorps will provide supportive resources, such as financial counseling, advice on connecting families to rental housing, available government benefits and public programs, and housing stabilization assistance.
People who are struggling or faced with a foreclosure can call the HomeCorps Hotline at (617) 573-5333. Counselors will work with individuals on all of the services indicated above, and more.
In addition, homeowners whose mortgage is serviced by the banks indicated below can call their lender directly, and then decide to work with the state on solutions. Call for initial feedback on any refinancing options or loan modifications they may offer. The Mortgage Servicer Hotlines for some of the major banks that operate in Massachusetts include. Or click here for information on foreclosure counseling agencies in Massachusetts.
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