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

There is help for mortgagors in difficulty

 

I received a couple of e-mails this past week regarding a column I wrote recently about a new Obama administration program that provides up to six months of mortgage payment assistance for unemployed borrowers. The readers wanted to know how they could find out more information and whether they qualify for this program.

The unemployed mortgage assistance program is an expansion of the government’s existing “Making Home Affordable” program. It was announced in April and seems to be just ramping up now.

Under the program, unemployed borrowers can receive up to six months of temporary assistance to help cover their mortgage payments.

The assistance covers any amount of the mortgage payment over 31 percent of the borrower’s monthly income. Eligible borrowers must live in the home as their primary residence, provide proof that they are receiving unemployment benefits and have a mortgage amount of less than $729,000. They cannot be more than 90 days delinquent on the loan.

The idea behind the new program is that the assistance will help these borrowers keep their homes long enough to find a new job, at which point they may be able to qualify for a permanent loan modification.

That’s the intent. Here’s the reality: The lenders are administering the mortgage unemployment assistance program, and lenders are not required to participate in the program.

Participation is voluntary on their part. Many of the major lenders are, indeed, participating, but certainly not all.  

If you are unemployed and receiving unemployment benefits, your first step to find out whether you qualify for mortgage assistance is to check with your lender.

Ask whether your lender is participating in the new Obama program. Even if your lender is not participating., you may be able to work out some kind of temporary payment plan while you are unemployed.

Contacting your lender is always the first and most important step whenever your financial situation changes and/or you begin having difficulty making your mortgage payments.

Here are some other resources you may want to check out. The first is the HOPE (Homeowner Preservation) program. I recommend doing your research online. The website address is: www.MakingHomeAffordable.gov.

You can also call 1-888-995-HOPE. (Good luck actually getting any answers or even getting through).

One helpful, local resource is the nonprofit Ensuring Stability through Action in our Communities (ESAC). ESAC provides housing counseling and advocacy. Counselors are extremely kind and helpful. You can reach ESAC at 617-524-2555.

 

 

 

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