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Boston Provides Free Legal Advice to Owners of Distressed Properties
By jason | March 19, 2008
Boston Mayor Tom Menino announced Thursday that the city would offer free help to owners of distressed properties in order to help them pay off their debts and avoid foreclosure proceedings.
The Boston Department of Neighborhood Development will begin referring owners of distressed properties to the Boston Real estate Bar Association, which will work to provide free legal counsel to residents informing them of their options when faced with defaults, and about the legal ramifications of foreclosure. Homeowners will even get to work with their own pro bono attorney, who will help them to pursue actions such as filing for bankruptcy, suing lenders over mortgages, refinance their home loans or take other necessary action.
This response should work wonders for area residents, as the foreclosure rate has been mounting in Boston for some time, especially in poorer neighborhood where residents don’t have access to legal counsel or other resources of the sort. Massachusetts has an extremely sluggish real estate market currently, and distressed properties there have been soaring in numbers. This has also resulted in a heavy influx of potential buyers interested in buying up distressed properties for low prices as investments. This might be another avenue that more homeowners will be willing to explore after receiving legal advice, and we could see the sales of distressed properties in the Boston metropolitan area growing.
Topics: Distressed Homeowners |
May 27th, 2008 at 2:44 pm
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