This Week’s Highlights in Housing (2.6-2.10)
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Over the last several years, the foreclosure crisis has deeply impacted families and communities across Massachusetts and our country. Many have lost their homes. Others have seen the value of their property drop significantly and face crippling mortgage debt. All the while, communities have born the brunt of the crisis with abandoned properties infecting surrounding home values, neighborhood safety and economic vitality. This week, however, came the first big step towards stopping the problem in its tracks as Attorney General Martha Coakley announced Massachusetts will take part in a national settlement with the five biggest banks that contributed to the housing bubble. Later this month, Representative Forry will continue her advocacy on behalf of families who have faced or are facing foreclosure by co-hosting a free public forum to help homeowners learn more about resources available to help them.
Massachusetts Homeowners to Receive an Estimated $318 Million in Relief Due to Unlawful Foreclosures and Lending Practices
This week, Attorney General Martha Coakley announced that Massachusetts will receive an estimated $318 million in assistance for homeowners, as part of a $25 billion nationwide settlement over unlawful foreclosure and lending practices by mortgage providers. Under the settlement, eligible homeowners will be able to receive loan term modifications, cash payments for loan servicing abuses and other direct relief. “The foreclosure crisis is something that has deeply affected neighborhoods across the Commonwealth and continues to impact the lives of many of my constituents and their neighbors every day. I am glad to see that the Attorney General took part in this settlement agreement that will help homeowners renegotiate unsustainable mortgages or allow families to receive up to $2000 in compensation.” said Rep. Forry. “This is a big step towards getting our economy back on track and growing again.” The state will also receive a direct payment of $46.5 million that will be used to assist homeowners who lost their homes to foreclosure during the recent economic downturn or have underwater mortgages.
Additionally, the state will maintain its ability to pursue further relief in the courts against the banks over two issues unique to Massachusetts: the initiation of foreclosure proceedings without holding the actual mortgages (so-called “Ibanez” violations) and the alleged corruption of the land recording sysem through the use of the Mortgage Electronic Registration System (MERS). The agreement will settle all other claims made as part of the the Attorney General’s lawsuit agains the five banks filed on December 1, 2011.
You can contact your mortgage servicer to obtain more information about specific loan modification programs and to learn if you qualify under the terms of the settlement. If you have additional questions about the settlement or other concerns, you can also submit a complaint online or call the Attorney General’s dedicated mortgage settlement phone line at (617) 963-2170. Consumers may also contact the Attorney General’s office at the following email address agocs@state.ma.us.
Bank of America: 1-877-488-7814
Citi: 1-866-272-4749
Chase: 1-866-372-6901
GMAC: 1-800-766-4622
Wells Fargo: 1-800-288-3212
More information can be found on the settlement at the following websites:
www.NationalMortgageSettlement.com
Representative Forry to Co-Host Forum on Foreclosure Prevention and Access to Affordable Housing
In conjunction with the TrueAllianceCenter and the Greater Boston Interfaith Organization, Rep. Forry will co-host a forum on foreclosure prevention and access to affordable housing. Partners from Boston Community Capital’s Stabilizing Urban Neighborhoods Initiative as well as Metropolitan Boston Housing Partnership (MBHP) will be on site to discuss the available resources to assist homeowners. The forum is free and open to the public, but RSVP is requested. The detail of the forum are below:
Forum on Foreclosure Prevention and Access to Affordable Housing
Thursday, February 23, 2012
Boston Missionary Baptist Church
336 Dudley Street
Roxbury, MA 02119
RSVP to Keke Fleurissaint at (618) 296-6000
Additionally, Rep. Forry will discuss her work on the foreclosure crisis. She has cosponsored 5 important housing bills this session including: H493/S767, An Act to prevent unnecessary vacancies in foreclosed homes; S684/H2240, An Act to Enable Judicial Clarification of Ownership in Evictions; S673, An Act to Establish Mandatory Foreclosure Mediation with Judicial Review; H503, An Act to Amend the Foreclosure Statute to Require Judicial Foreclosure; and H1284, An Act Relative to the Withholding of Rent.
