BOSTON HOMES BLOG

December data are down

— By: Marilyn Jackson

December home sales data reflect a slow market with soft prices, according to Timothy M. Warren Jr., CEO of the Warren Group, which publishes Banker & Tradesman. Its report was released Jan. 24. Home sales of single-family homes across the state dropped 5 percent in December in a year-over-year comparison, while condo sales dropped 15.75 [...]

City collects $9.4 million from non-profits

— By: Marilyn Jackson

The city has collected $9.4 million from non-profit, tax-exempt organizations for the first half of fiscal year 2012, a 24 percent increase from fiscal year 2011, Mayor Thomas M. Menino stated in a press release Friday. The city had requested $10.8 million. Guidelines for the PILOT or payment in lieu of taxes program were revised [...]

— By: Linda Goodspeed

Foreclosure counseling can help

I was reading an article a couple of weeks ago about foreclosure avoidance counseling. It can help!  

According to the article, homeowners who are slipping into foreclosure are 60 percent less likely to lose their home when they work with a foreclosure counselor compared to homeowners who do not seek counseling.

Homeowners who seek counseling are also more likely to receive a loan modification than those who try to get a modification on their own.

And even those homeowners who do manage to obtain a loan modification on their own, without the help of a counselor, would have gotten a bigger modification if they had sought the help of a foreclosure counselor.

According to the article, homeowners who seek counseling end up saving an average of $454 a month more than those who do not seek counseling.

When you think about it, it's not surprising that foreclosure counselors are so effective. They know the system, the programs out there.

They can help advocate for you with lenders, know what paperwork is required, can help you get your paperwork in order and generally help expedite the modification process.

This would take some of the confusion, frustration and anxiety out of the process for both lenders and homeowners and save time for both parties.

By working with both lenders and homeowners, counselors can bring all parties to the table so they can work collaboratively toward the best solution.

Don't try to navigate the loan modification process on your own.

If you are at risk for foreclosure, seek out the help of a trained foreclosure counselor. Resources are available.

To find out more about the federal, making home affordable loan modification program and participating lenders in Massachusetts, call the HOPE hotline at: 1-(888) 995-HOPE (4673).

A couple of other resources that may be able to help are the Division of Banks and Loan Agencies (1-800-495-2265), and ESAC, which stand for Ensuring Stability through Action in our Communities.

ESAC is a non-profit providing housing counseling and advocacy. ESAC's number is 617-524-2555. You can also visit the website http://www.Makinghomeaffordable.gov to learn more about the HOPE program for at-risk homeowners.

 

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