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Financial Help for Buyers of Brockton Bank Owned Properties

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By : Allana Castro    99 or more times read
Buyers of Brockton bank owned properties have a chance to get financial help from the Brockton Housing Partnership launched by MassHousing and the city of Brockton.

MassHousing refers to the Massachusetts Housing Finance Agency, a quasi-public entity tasked to raise funds through bonds to provide affordable housing loans in the state. Since its start in 1966, it has already provided over $10.4 billion in home loans.

Under the new program, buyers of REO foreclosures in the city whose home loans are backed by MassHousing Mortgage have the chance of getting another loan to finance repairs on the foreclosed properties they purchased. These second loans, financed by the federal Neighborhood Stabilization Program, can be forgiven after borrowers have lived on the properties for a certain number of years.

There are no caps on the rehabilitation loans, but the amounts must be reasonable, based on evaluations by Building a Better Brockton. Applicants must be able to secure a home loan under the MassHousing Mortgage program and must have enough money for down payment, which is 3 percent for single or duplex homes and 5 percent for three-family properties. Also, the homes to be purchased must be Brockton bank owned properties or abandoned units.

The mortgage lenders providing loans under the program are Avon Cooperative Bank, HarborOne Credit Union, Rockland Trust, Crescent Credit Union, North Easton Savings Bank and Dedham Savings Bank.

In May, the number of bank owned properties in Massachusetts again increased despite the drop in new foreclosure filings. A total of 1,283 homes statewide were taken back by banks during the month, a staggering increase of 120 percent from the total one year earlier.

In contrast, the number of new foreclosure petitions dropped by 9.4 percent to a total of 2,110 in May, reflecting the decision of many lenders to put more efforts in completing foreclosures rather than in filing new cases.

With the increase in bank repossessions, there are more opportunities for homebuyers to buy Brockton bank owned properties and get financial help from MassHousing.
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