Homeowner protection increased by new foreclosure laws
Submitted by Christine Chong, Asian Community Development Corporation
For struggling families in Greater Boston, there are new foreclosure laws to help homeowners keep their property. Learn more about these laws by speaking with a housing counselor. Asian Community Development Corporation’s Comprehensive Housing Opportunities Program has housing counselors who can help.
The Massachusetts Division of Banks has filed proposed regulations. It provides stronger protection from foreclosure to borrowers. This is good news for families who are struggling to pay their mortgage and are at risk of foreclosure.
With the new legislation in place, lenders must prove that the value of foreclosure outweighs the value of modifying a loan before they take action. Homeowners are also protected by new guidelines lenders must take to avoid foreclosure. These include a timeline lenders must follow when communicating with borrowers. Early loan modification is incentivized.
For families looking for a stable place to live, homeownership knowledge is especially important. Following the new legislation, families can learn to take advantage of the new protections offered. They can learn useful tools to prevent foreclosure, such as requesting a loan modification. The new laws mean stronger protection and more security, but education is a key factor.
CHOP provides homebuyer education. There are monthly first-time homebuyer workshops and one-on-one homebuyer counseling. Services specialize in affordable housing for low- and moderate-income individuals and families.
For more information about CHOP, call Lee Lin, ACDC’s housing coordinator, at (617) 482-2380 x 208, visit us online at http://asiancdc.org or stop by ACDC’s office Monday through Friday from 9 a.m. to 5 p.m. at 38 Oak Street, Boston, MA 02111.
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