Massachusetts Attorney General Martha Coakley has announced the launch of HomeCorps, a new initiative designed to increase the number of loan modification specialists available to help the state's distressed borrowers. The initiative will also offer grant opportunities aimed at easing the foreclosure crisis in Massachusetts.
As part of the launch of this new program, Coakley's office has established a special telephone hotline staffed with loan modification professionals to assist borrowers facing foreclosure. A designated HomeCorps section of the attorney general's website has also been created.
HomeCorps is being funded by the $44.5 million that Massachusetts received as part of the recent foreclosure settlement involving the nation's largest banks. The first part of the program dedicates approximately $16 million to mitigate future impacts of the foreclosure crisis by providing assistance to distressed borrowers in Massachusetts facing foreclosure. Applications for grant programs in connection with this initiative were launched earlier this month.
‘This comprehensive HomeCorps program will directly assist Massachusetts homeowners with avoiding unnecessary foreclosures and helping to prevent this crisis from deepening further,’ says Coakley. ‘Our office worked hard to ensure the best possible outcome for Massachusetts borrowers from this national settlement. These new programs will now allow us to further assist distressed borrowers and stabilize communities deeply impacted by the foreclosure crisis.’