Foreclosure Resources and Assistance
Are you concerned about possible foreclosure of your home? Foreclosure can occur when an owner is unable to stay current with mortgage or condominium fee payments for an extended period of time. There are resources available to assist homeowners who are facing potential foreclosure.
The first step for homeowners struggling to pay their mortgage is to contact their lender. Some lenders have options available to help borrowers through financially difficult times. For homeowners with adjustable rate mortgages, understanding the terms of their loan is a priority. Borrowers should know when their rates can change, how high their interest rate can get, and what the resulting payment will be.
If homeowners are concerned that they will have trouble making their payments, they should contact their lender’s foreclosure prevention department immediately. For cases when a lender will not help or when a homeowner is already late on their mortgage payment(s), the following is a list of foreclosure prevention counseling services, which can assist in identifying reputable lenders and potential financial assistance programs available to assist in foreclosure prevention.
The Commonwealth of Massachusetts has a comprehensive list of foreclosure resources here. The site includes information for homeowners facing foreclosure, as well as information on tenants’ rights, foreclosure laws and regulation, new foreclosure legislation, and links to counseling agencies and workshops.
Foreclosure Prevention Counseling
City of Cambridge
The City of Cambridge Community Development Department offers one-on-one counseling and can answer questions for Cambridge individuals and households at risk of foreclosure. The City of Cambridge also offers FTHB classes, credit workshops and counseling, and post-purchase workshops to ensure successful homeownership. Please contact Antonia Finley at 617/349-4643 or firstname.lastname@example.org for more information about programs and services for homeowners and homebuyers.
If you are the owner of a home purchased through one of the City's affordable housing programs, is it important that you contact the Housing Division as soon as you are having trouble paying your mortgage or condominium fees. The Housing Division can work with you to help you understand and assess your options.
Urban Edge is a community development corporation that offers one-on-one foreclosure prevention counseling. Their staff members work with clients to analyze their household budget and review options to prevent foreclosure. Visit their website for program information.
Financial Assistance Programs
Massachusetts Division of Banks
Homeowners who believe that they have been the victim of wrongful lending practices should contact the Division of Banks at 800/495-2265, ext. 1501 or visit https://www.mass.gov/consumer-complaints.
Residential Assistance for Families in Transition (RAFT) program
RAFT is a state-wide program to help keep households in stable housing situations when facing eviction, foreclosure and other housing emergencies caused by loss of income, increase in expenses, or both. RAFT helps income-eligible households by providing up to $7,000 per household to assist with mortgage arrears. Learn how to apply for RAFT.
City of Cambridge Office of the Housing Liaison (OHL)
The Office of the Housing Liaison (OHL) is the point of contact for complex housing situations that affect people who rent, own, or manage properties in Cambridge. We can assist people with circumstances such as building sales, displacement from fires, and other multi-household concerns. We help residents access and navigate housing opportunities through intensive case management. We also help with eviction prevention, tenant displacement and other housing-related resources and services. Contact: 617-349-6337 or visit OHL's website.
MERS For Homeowners
MERS for Homeowners is an online resource designed to help homeowners identify the mortgage company handling their mortgage loan. This section of the MERS website is specifically designed to help consumers identify the mortgage company that handles their mortgage loan through two vehicles: the web-based MERS Servicer ID and the phone-based MERS Servicer Identification System at 888/679-6377. In addition, the site provides information about the responsibilities of the mortgage company that services mortgage loans and what homeowners should know about the servicing process.
Before calling the Servicer Identification System or accessing MERS Servicer ID online, homeowners must have the following information ready: the mortgage loan's Mortgage Identification Number (MIN); or the borrower's name and social security number; or the property address.