Help To Avoid Foreclosure - Temporary Stay of Execution
Some of you may or may not know that the Massachusetts Division of Banks is a great resource for homeowners facing a fast approaching foreclosure auction date. Below is some information you may find helpful.
Help To Avoid Foreclosure
If you are currently having difficulty making the payments on your mortgage or have recently received a foreclosure notice, you are strongly urged to contact the Massachusetts Division of Banks at 617-956-1500 x501 or send a written request to:
Massachusetts Division of Banks
One South Station
Boston, MA 02110
(617) 956-1599 FAX
You must state that you are a homeowner in foreclosure and are asking for help in seeking a temporary stay of execution (granting a 30-60 day delay in the foreclosure proceedings) in order to reach a mutual workout solution with your mortgage company. Many times the Division is very successful in getting an extension of time allowing homeowners to try and reach some type of mutual workout with their lender (such as a loan modification, short-sale settlement or Deed - In - Lieu of foreclosure). Keep in mind they can only assist homeowners facing foreclosure on their PRINCIPLE PRIMARY RESIDENCE ONLY. When contacting the Division, be sure to have the name of your lender, their phone number, your loan account number and the date and time of your auction sale date. Please be advised that the Division will take these requests from the principle homeowner/borrower and not a third party such as an attorney or real estate agent.
Attorney General’s Office - You may also be able to seek assistance through the Massachusetts Attorney General’s Office by contacting their Foreclosure Assistance Hotline which was developed to help individuals facing foreclosure. The Attorney General’s Office, in partnership with several bar associations, legal services organizations and advocacy groups, announced the establishment of Foreclosure Assistance Hotline for low-income Massachusetts residents who are facing foreclosure. Homeowners are urged to call (800) 342-5297 or (617) 603-1700 and leave a message in the foreclosure assistance mail box for further information.
Homeownership Preservation Foundation - Through its toll free 888-995-HOPE hotline, the Homeownership Preservation Foundation has a single mission: to help homeowners avoid foreclosure. It is an independent nonprofit that provides the U.S. Department of Housing and Urban Development approved counselors dedicated to helping homeowners.
MassHousing - The Home Saver Foreclosure Program, a counseling and loan program, helps borrowers act proactively to their address their mortgage problems and address them before foreclosure becomes a reality. This program is geared towards moderate income homeowners who meet program guidelines and can afford a new loan payment. This program is not available to those already in foreclosure or own more than one property. MassHousing also provides information and assistance to individuals and families looking for affordable housing in the state. Their toll-free number is 888-843-6432 or find them on the web at www.masshousing.com.
PLEASE NOTE: It is important to understand these government agencies have a limited number of staff and resources available to handle every homeowner’s case. Therefore, homeowners may have much more of a benefit and advantage by retaining private qualified legal counsel to represent them in foreclosure proceedings and foreclosure prevention measures.
All the Best,
James M. Bosco, Esquire
Rick D. Misitano, Senior Paralegal
Law Offices of James M. Bosco
Methuen Executive Park
240 Pleasant Street
Methuen, Massachusetts 01844
978-687-8804 Office
978-687-8872 Fax
boscolaw@comcast.net
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