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Coakley Announcing Foreclosure Prevention Plan

Apr 25, 2012 | Reprints | Unlock Link | Print

Massachusetts Attorney General Martha Coakley is launching 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.

The "HomeCorps" program is funded by the state’s share of a nationwide settlement involving the five largest mortgage servicers and their connection with unlawful foreclosures and loan servicing.

The goal of the program is to ensure that all Massachusetts borrowers facing foreclosure receive an evaluation and assistance from a loan modification specialist.

Coakley, joined by Boston Mayor Thomas Menino, will formally announce the program today in front of a home in Boston’s Dorchester neighborhood saved through a successful loan modification.

Coakley will highlight $24 million in HomeCorps grants being offered by her office and a statewide hotline to assist borrowers facing foreclosure. (AP)

Residential Real Estate