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State sets up hotline for subprime borrowers

Email|Link|Comments (1) Posted by Kimberly Blanton July 31, 2007 07:31 PM

Massachusetts has opened a new hotline for low-income residents who are struggling with their subprime mortgages and need help.

Attorney General Martha Coakley said her office recruited more than 100 attorneys and law students, who have agreed to provide free legal assistance to borrowers having trouble paying their mortgages, facing foreclosure or trying to negotiate a payment plan.

The state is offering the pro bono assistance in partnership with legal services and advocacy organizations and bar associations through the Legal Advocacy and Resource Center.

The Legal Advocacy and Resource Center will assign a lawyer to each case.

The Center's phone numbers are: 800 342-5297 and 617 603-1700.

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1 comments so far...

According to Maher Soliman, A consumer homeowner activist with NLS,
"I applauded the effort of the Attorney General Martha Coakley. Fantastic".

But Soliman goes on to state his concerns that consumers are not going to get all the facts. Over 90% of all loans orginated in the last few years appear to be negligent and in violation of predatory lending laws. That makes each loan a candidate for rescission. And what will that cost the state of Mass. ?

Its a tough situation to be sure.
MSoliman Auditor; / www.borrwerhotline.com

Posted by M Soliman June 27, 08 08:30 PM