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New Federal Money Going to Help Cape Cod and Massachusetts Foreclosure Victims
By kevin | May 1, 2008
The Massachusetts beach community of Cape Cod along the Atlantic Ocean got some much needed assistance this week from state organizations to help fight their rising level of foreclosures, which are especially high in Barnstable County.
The Housing Assistance Corporation recently received $300,000 through a federal grant to assist homeowners on the Cape facing foreclosure. The money will be used to build 10 new foreclosure resource help centers across the state designed to educate homeowners and provide them with the counseling they need to help avoid foreclosure.
Since last summer, more than 500 homes have been foreclosed on in Barnstable County. Many of them have been blamed on predatory lending schemes, while others have been linked to people who bought homes at the height of the real estate boom for inflated values. Now that their values have fallen, homeowners who are unable to keep up with payments are unable to sell off the properties for their original loan value, and therefore foreclosure becomes imminent.
The new prevention centers will work to lower Massachusetts foreclosures by teaching people how to refinance their homes or work with lenders to make up bac k payments and stay on top of their finances.
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Topics: Foreclosures by State |