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In an effort to slow down the rapid rate of foreclosures in Massachusetts, Governor Deval Patrick has begun a proactive program. Last week the governor’s office sent homeowners with adjustable rate mortgages an informative letter. The letter addresses a mortgage problem that some omeowners may face in the upcoming year and offers a possible option for help…let me quote the governor:
Over the past several years, many homeowners got mortgage loans with adjustable interest rates. In some cases, these rates were especially low for the first two or three years. Now, many of these loans are adjusting, or re-setting, to a sharply higher rate.
If you have not done so recently, take a fresh look at your mortgage document or call your lender to determine if you have an adjustable interest rate that may be scheduled to re-set in the near future. If so, and you suspect that you might have difficulty paying the new higher monthly payment, it is important that you contact your lender and discuss your situation now. You may be able to refinance to a fixed interest rate loan, or arrange to alter the terms of your loan in such a way that you can still afford the monthly payment.
I also urge you to consider calling 1-888-995-HOPE. This toll free foreclosure hotline is staffed by trained professionals from the Home Ownership Preservation Foundation and NeighborWorks America who will provide guidance to you on steps you can take to deal with increased mortgage payments.
The letter is signed Deval L. Patrick, Governor
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