Massachusetts mortgage foreclosure help and assistance

Find foreclosure and mortgage help in all areas of Massachusetts, including Boston and Worcester. You can also find additional assistance and grant programs that are available in Massachusetts that can help you with paying bills and getting aid. More.

In 2007, the Governor of Massachusetts signed Chapter 206 of the Acts of 2007. It was a law to Protect and Preserve Home Ownership. It was intended to address the historic foreclosure levels in Massachusetts. One of the numerous provisions of Chapter 206 includes a 90-Day "Right To Cure" after default on all mortgage loans for 1-4 family, owner-occupied residential property. Previously the "Right To Cure" waiting period was only 30 days. What this change does is that it requires that lenders must wait an additional 60 days before foreclosure proceedings can begin in Land Court against any homeowners who may have defaulted on their mortgages.

MassHousing Home Saver Foreclosure Prevention Program

$250 million was dedicated to this mortgage foreclosure prevention program that is meant to provide fixed-interest rate refinancing loans as well as counseling services to struggling sub-prime borrowers. The counseling can help with paying bills and debt.

Eligible borrowers need to meet the following criteria and program eligibility is determined as part of mandatory counseling:

• The person or family must be employed with verifiable income and they must also be able to afford the new monthly mortgage payment
• Have a minimum credit score of 560 for a single-family home or condominium, 580 for a 2-family home, or a minimum score of 620 for a 3- or 4-family home
• Meet loan and income limit restrictions

MyCommunity Refinance Loan

If a homeowner is not eligible for the Home Save program above, then they may be able to lower their risk of needing to make high payments on their mortgages in the future by taking advantage of the state MyCommunity Refinance Loan. This program will allow homeowners the ability to refinance into a competitive fixed interest rate mortgage. Learn more.

Mortgage Relief Fund

This fund is a $125 million mortgage relief fund. This Fund is aimed at helping all those New England homeowners who are in good standing with their current mortgage payment and loan(s), but who may be experiencing some type of difficulty making payments now and they may expect to have greater difficulty making payments when their rates reset in the future. Through this mortgage assistance program, borrowers will have access to a wide range of mortgage products that may include both FHA and FHA Secure as well as state assistance programs and other programs to help.

Homeowners are eligible for help if:

• the property is owner-occupied
• the home need to be worth more than the total of the mortgage loan balance(s)
• the homeowner has generally paid their mortgage on time
• borrowers can document their current income