AG Coakley Launches Foreclosure Prevention Initiative
Massachusetts Attorney General Martha Coakley has announce an initiative to prevent foreclosures by increasing the number of loan modification specialists available to help distressed borrowers and provide a range of grant opportunities. This is one of the first foreclosure prevention programs in the nation that uses proceeds from a landmark settlement with five major US banks.
Called HomeCorps, the program will offer counseling and grants worth $16 million to Massachusetts homeowners and another $10 million in grants to individuals and communities combating blight caused by foreclosures. In addition to benefitting homeowners directly, HomeCorps will be used to hire a program director, a team of 15 or more loan modification specialists, and for the expenses of attorneys and nonprofits across the state that are helping borrowers facing foreclosure.
Homeowners can find out whether they qualify for assistance through the program and receive other information by calling the HomeCorps hotline at 617-573-5333.