Mortgage foreclosure help and assistance Massachusetts.
Find foreclosure and mortgage help in all areas of Massachusetts, including the cities of Boston and Worcester. Several resources are administered directly by the state. In addition to the government agencies, many programs are offered by non-profit organizations, banks, and mortgage servicers.
You can also find additional assistance and grant programs that are available in Massachusetts. They focus on housing as well as other needs. The programs can help you with paying bills, mortgage arrears and receiving financial aid. Contact the organizations below to explore additional options.
Massachusetts Right to Cure foreclosure
The Chapter 206 of the Acts of 2007 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. It can provide Massachusetts homeowners with options.
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. To learn more, contact a Massachusetts HUD counseling agency.
MassHousing Home Saver Foreclosure Prevention Program
There are tens of millions of dollars dedicated to this mortgage foreclosure prevention program on an annual basis. The resource 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 various forms of housing debt as well. Contact your lender and refer to this program.
Eligible borrowers need to meet the following criteria. In addition 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.
This is a statewide agency. For more details, or to apply, MassHousing can be reached at 800.882.1154.
MyCommunity Refinance Loan
If a homeowner is not eligible for the Home Saver program above, then they may be able to lower their risk of needing to make high payments on their mortgages in the future. The other options available to them is the state MyCommunity Refinance Loan. This program will allow homeowners the ability to refinance into a competitive fixed interest rate mortgage. Learn more on MyCommunity Refinance Loan.
Get foreclosure advice and mortgage assistance in Suffolk County and the Boston area
There are about ten different non-profit agencies, HUD certified groups, mortgage centers, and government programs that are available to homeowners in the area. While some of the solutions may be similar, each may also have its own take on the best ways to get back on track with your home loan payment. Find information on the various agencies and programs available. More on Boston foreclosure prevention.
Free foreclosure legal assistance
A number of attorneys and organizations across Massachusetts have partnered together to create a Pro Bono Foreclosure Assistance Hotline. It will provide free legal advice to homeowners who are struggling with paying their mortgage. A number of attorneys volunteer to offer this service. Learn more on how to get help from the Massachusetts pro bono foreclosure assistance program.
Non-profit housing counseling agencies
Several non-profit agencies have been certified by the federal government HUD agency to provide Massachusetts homeowners with a multitude of mortgage and foreclosure assistance programs. There are a wide array of options to save their home. Learn more on the Massachusetts HUD approved agencies.
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