Lowell Deeds

The latest on real estate recordings and new technology from the Middlesex North Registry of Deeds in Lowell

July 11, 2007

Mortgage Help

by @ 8:12 am. Filed under Real Estate

Help is on the way…for delinquent borrowers of subprime mortgages. Massachusetts state officials have decided to invest $250 million dollars to help people in danger of losing their homes. MassHousing with the assistance from Fannie Mae will provide the financing. The program is designed to help mortgage borrowers who have fallen behind 6o days or less on their payments. These people will be given the opportunity to convert (through refinancing) their present loan into a 30 year fixed 7.75% rate. Part of the Patrick Administration’s strategy is to force subprime lenders to take less than what was originally borrowed during the refinance. But not all subprime borrowers are eligible for assistance. There are income and property value limits. Boston has looser requirements than the rest of the state. The borrower cannot earn more than 125% of the state’s median household income. In addition the property value cannot exceed $417,000 for a single family and 645,300 for a multi family. Secretary of State William Galvin has also introduced legislation that would require lenders to have court approval before foreclosing on a property.

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