Below are links that can help you avoid predatory lending, prevent foreclosure, access legal services and more:
Foreclosure Prevention
Most foreclosure prevention counseling services are free of charge for all Massachusetts homeowners who are at risk of losing their homes. You do not have to wait until you get a notice from your lender. If you are having trouble paying your debts or think you might have trouble in the future, you can get free help. Some programs have specific eligibility requirements.
An alliance between counselors, servicers, investors, and other mortgage market participants
A nonproift, nonpartisan research and policy organization dedicated to protecting homeownership and family wealth by working to eliminate abusive financial practices. Recently published the Subprime Spillover Report.
The federal government and the mortgage industry have partnered to assist those homeowners who have been negatively impacted by recent changes in the economy, or are concerned about the future. The mortgage lenders listed below are voluntarily participating in this special effort. If your lender is listed here, you can help protect your home by contacting them immediately!
During February 2008, a program called "Project Lifeline" was announced. Six of the largest U.S. lenders, in partnership with the Hope Now Alliance, agreed to defer foreclosure actions for 30 days for homeowners 90 or more days delinquent on payments. The intent of the program is to encourage more loan adjustments, to avoid foreclosures.
CCCS at 100 Cummings Center, Bevelry, MA 01915, 978-922-5655, is a non-profit, HUD approved housing counseling agency.
Every day we hear more and more about families facing rising mortgage costs and the very real possibility of losing their homes. To help prevent that from happening, five banks in New England have partnered together - with the encouragement of the Federal Reserve Bank of Boston - to provide assistance to homeowners before the threat of foreclosure becomes a reality.
Refinancing your mortgage through MassHousing can save you money and reduce the risk of high payments in the future.
MassHousing Home Saver Program
H.O.M.E. is a non-profit agency that helps elder Massachusetts residents keep their homes, protect their equity, and get support services so they can stay in their homes. H.O.M.E. services are free to seniors who meet these eligibility requirements:
Massachusetts homeowner with only one residence
60 years of age or older (50 if at risk of losing your home)
Annual income less than $28,000 individual / $34,000 couple
Telephone: 1-800-583-5337
The Homeownership Preservation Foundation is an independent, nonprofit counseling service provided by the Homeownership Preservation Foundation which creates partnerships with local governments, nonprofit organizations, borrowers and lenders to help families overcome obstacles that could result in the loss of their homes. If you feel like you may be in danger of facing foreclosure, call our 888-995-HOPE hotline. Our HUD-approved counselors are experts in foreclosure prevention and trained to set up a plan of action designed just for you and your situation. The help we offer is free.
NACA is a national non-profit advocacy and homeownership organization. NACA's Refinance Program offers new loans to eligible homeowners with unaffordable mortgages. NACA's Home Save program gives counseling and financial assistance to eligible homeowners who are at risk of foreclosure. All services are free. NACA's Information and Refinancing Services line: 1-888-302-NACA
ACORN, the Association of Community Organizations for Reform Now, is the nation's largest community organization of low- and moderate-income families, working together for social justice and stronger communities. Families at risk of losing their homes should contact a nonprofit housing counseling agency such as ACORN Housing. They should also speak to their lenders. Half of those who lose their homes through foreclosure never attempted to negotiate. Call 1-866-67-ACORN if you or someone you know is in danger of losing a home as a result of a subprime loan.
A national wide real estate investment resource. Publishes monly information on foreclosed properties. Their website will allow users to identify properties for free, but more detailed information is offered on a fee basis.
Predatory lending
Don’t Borrow Trouble is a nationwide campaign to help borrowers protect themselves from predatory lending practices and to assist victims of predatory lending. This web page is available in English and Spanish.
Includes information on warning signs of predatory lending, how to report predatory lending and other information for mortgage borrowers.
Contact: (800) 348-3931
NCRC runs the Consumer Rescue Fund, which helps consumers determine if they have a predatory loan and works with borrowers who are victims of predatory lending practices.
Legal Resources & Information
NeigborhoodLaw.org provides basic legal information and links to local legal service agencies. Legal advice is provided by Neighborhood Legal Services, Inc.
Other Resources
NeighborWorks is a national nonprofit organization created by Congress to provide financial support, technical assistance, and training for community-based revitalization efforts. Together, with national and local partners, NeighborWorks creates new opportunities for residents while improving communities.
Freddie Mac offers an online tutorial can help you look at your current situation and determine if you are you ready for homeownership. This web page is available in English and Spanish.
Financial literacy and good credit is a key component to achieving homeownership. Freddie Mac offers this online self-tutorial to help you build a sound financial future. This web page is available in English and Spanish.
Housing Consumer Education Centers offers tenants, landlords and homeowners referrals to help solve housing issues.
Housing Discrimination
Do you think you have been a victim of fair housing discrimination?
The following agencies may be helpful in answering your fair housing questions:
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