In a press conference today, Massachusetts Attorney General Martha Coakley unveiled a new program, called HomeCorps, to help homeowners facing foreclosure. The HomeCorps program will help prevent unnecessary home foreclosures as well as provide grants and assistance to those facing foreclosure and to aid neighborhoods already affected by foreclosures. The program will ensure that all Massachusetts borrowers facing foreclosure receive an evaluation and assistance from a loan modification specialist.
“This comprehensive HomeCorps program will directly assist Massachusetts homeowners with avoiding unnecessary foreclosures and helping to prevent this crisis from deepening further,” said AG Coakley.
The HomeCorps includes three initiatives for distressed borrowers:
- The Loan Modification Initiative will offer assistance with loan modifications in order to avoid unnecessary foreclosure.
- The Borrower Representation Initiative will provide direct legal representation at no charge to distressed borrowers.
- The Borrower Recovery Initiative will offer support and recovery for borrowers who lose their home to foreclosure. The program will help prevent homelessness and stabilize their housing situation.
There are also two Partnership Grants available which will be given to qualifying nonprofit and governmental entities in two areas:
The Crisis Response Innovation Grant will assist homeowners and renters who have been impacted by the foreclosure crisis. The Municipal and Community Restoration Grant will be used to revitalize distressed neighborhoods that have suffered the impact of foreclosures, as well as promote affordable housing.
The HomeCorps program will be funded by a portion of the National Mortgage Settlement over unlawful foreclosures, including robo-signing of documents. In the settlement agreement, Bank of America, Wells Fargo, Citi, JPMorgan Chase and Ally/ GMAC will provide nearly $318 million dollars to help Massachusetts borrowers with principal reduction, underwater loan refinancing, and homeowner assistance.
Boston Mayor Thomas Menino joined Coakley in Dorchester to announce the new program.
“I applaud AG Coakley for recognizing how vital these programs are to building stronger communities. The HomeCorps program will be a valuable resource for residents and homeowners in the Commonwealth,” said Mayor Menino.
The HomeCorps program has established a loan modification hotline at 617-573-5333 for borrowers having issues with their loan modifications.
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