Loan For A House | US Financial Reform Law Sets Aside $61M For Mass. Unemployed

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June 17, 2011 by  
Filed under Mortgage

Starting Monday, the federal Emergency Homeowners’ Relief Fund, a provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act, will begin the process of distributing $61 million to assist unemployed Massachusetts residents.

“The program enables homeowners facing foreclosure to save their home and get assistance at a crucial time,” said Lewis Finfer, executive director of the Massachusetts Communities Action Network, an advocacy organization that lobbied Congress and the White House for the measure.

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Under the program, homeowners can receive up to $50,000 in a zero interest, forgivable loan for two years. To qualify, home-owners must be at least three months behind on their mortgage and have lost at least 15 percent of their income due to unemployment.

Online applications will be available on June 20 from NeighborWorks at www.nw.org. The national housing nonprofit was selected by the federal government to operate the program. The application period ends July 22.

In a speech yesterday to the North Shore Association of Realtors, Attorney General Martha Coakley reiterated her support for separate, state legislation she drafted to address the mortgage foreclosure crisis. The measure requires creditors to take reasonable steps to avoid foreclosure, prohibits foreclosures without documentation and mandates loan modifications in certain circumstances.

“Our communities have been devastated by the housing crisis,” said Coakley. “The proposed legislation will help rebuild our communities by promoting a process in which creditors and borrowers work together. Requiring creditors to take reasonable efforts to avoid unnecessary foreclosure is in everyone’s best interest.”

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