Foreclosure Relief Program Announced

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The State has announced a program to help residents facing the immediate prospect of losing their homes. State officials said that this pilot program, the first of its kind in the U.S., could serve as a national model for many other troubled homeowners.

 

The free program links homeowners with certified housing counselors who recommend options, including the waiving of fees and penalties or lowered interest rates, to stave off foreclosure. If no resolution is reached at the counseling phase, the case moves to mediation, at which time the homeowners may be eligible for free legal representation.

 

Last year, nine percent of mortgages were subprime but they accounted for half the foreclosures in the state. State officials anticipate that 60,000 may benefit from this program.

 

For help, call 888- 989-5277. The hotline is staffed 8 a.m. to 6 p.m. weekdays.

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