Real Estate Pro Articles

Boston Non-Profits Give the Foreclosure Problematic Some Hope

[Valid RSS feed]  Category Rss Feed -
By : Cassiano Travareli    99 or more times read
Parents like Nadine Hill are now troubled by foreclosure. 80 other Bostonians attended a foreclosure prevention meeting at the Dorchester's Great Hall.

This meeting was organized by City Councilor Charles Yancey after receiving tons of calls asking for help in saving their homes from foreclosure. This second meeting organized by co-sponsor City Councilor Chuck Turner along with non-profit organizations like the Boston Tenants Coalition, City Life/Vida Urbana, Greater Boston Legal Services, and the 4 Corners Action Coalition.

In this assembly the audience was introduced to mortgage renegotiations, legislative ways to alleviate the foreclosure trouble, and the rightful process of eviction. This education somewhat gave some reassurance to the anxious homeowners.

Greater Boston Legal Services gave free representation to the low-earning to-be evictees.

City Life/Vida Urbana uses publicity as means of pressuring banks to fix the foreclosures. As of now, they have 13 foreclosed homes protected from the sheriff's evicting hands.

After explanations, the audience was given a chance to share their stories and were assessed then pointed to which agency could do most for them.

Hill found her current home in Dorchester 4 years ago. Without a lawyer, she signed an agreement to pay a fixed-rate loan.

For 3 years she has been paying up good until last August. It was then she learned that the loan rate was only fixed for 3 years then the interest would increase 4 to 5 percent with the monthly payment up by $300. Her barely affordable loan is now beyond her earnings putting her in foreclosure jeopardy.

She has done bank negotiations, loan modifications, but was denied and was left with the option of selling her home. That is when Hill contacted Councilor Yancey's office and learned about the foreclosure prevention meeting.

Hill met foreclosure intervention specialist Veronica Truell who offered aid. Though there is still the fear of losing her home, the reassurance given by said meeting alleviated some of her worries.

Another foreclosure prevention meeting is scheduled in January 29 in Mattapan.
Cassiano Travareli has been educated in the finer points of the foreclosures market over 5 years.

Related Articles

Print This Article
Add To Favorites




© All rights reserved to Real Estate Pro Articles