A new hotline for Massachusetts residents facing foreclosure has received a thousand calls since launching last week.
The statewide Home-corp Initiative provides distressed borrowers with advice on how to modify their loans. Attorney General Martha Coakley established the hotline after the bay state received 44-point-5 million dollars from a national settlement for illegal foreclosures. Coakley says residents with mortgages through any of five major lenders: Bank of America, J-P Morgan Chase, Wells Fargo, Citigroup and GMAC/Ally should be the first to call.
“We want to make sure that every person who is eligible even if they have lost their job or their house is underwater, they still maybe able to, with an appropriate load modification, stay in their home, ” Coakley said.
Coakley says the hotline will remain active for the next eighteen months and there are no current plans to shut it down until all eligible borrowers are helped. She says Massachusetts is in the forefront of this effort to assist borrowers.
“I think we are one of the first states in the country really to be on the ground ready to go and starting to implement the settlement so that Massachusetts homeowner can get as much relief as is available to them,” Coakley said.
According to Coakley’s office, the number of initiated foreclosures this past February doubled from last year. More than 45-thousand residents have already lost their homes in Massachusetts.