Foreclosure Crisis

Unfortunately is isn’t over. There are still lots of home owners that will be having an adjustable rate mortgage adjust up. I have spoken to home owners who have been in there homes for years and because of a job loss, or an illness they can no longer afford to pay all of their credit debt, buy gas and food, medicine and pay for the roof over their head. It’s sad to see someone who has lived in their home for 15-20 years now have to pack it up & try to find an affordable place to live. You read it every day in the papers and hear it on the news. Some will say that “they” should have read the fine print, “they” should have realized what they were getting in to, etc., etc. But allot of these home owners were never told the truth about the adjustment on their rate. Some were told one thing and then as they are sitting at the closing table with all their belongings in the moving truck, the mortgage papers they are signing have a totally different term for them than what was originally given. They feel like I will lose my deposit, I have no place to sleep, etc., etc., if I don’t sign these papers. I am not saying that some of these home owners didn’t know what the future held for them with the payment adjustments, I am just saying that I am sure no one went out of their way to stress what the terms would be in a year, 2 or 3 from today. And with everything else that has been going on with the gas, food and heating going up by the second, I don’t think any of us were prepared for this either! I just hope anyone who is in a situation that they are finding is getting to be too much, that they start making phone calls to the bank, to the credit card companies and to the other professional that might be able to help them figure out a way to reduce some of the monthly payments or to help them find a new place to live and get out from under the situation now rather than later. We should all be trying to live a happy, healthy life.

BUY BROCKTON II MORTGAGE PROGRAM

BROCKTON HOUSING PARTNERSHIP
Building Brockton’s Future
INTRODUCING BUY BROCKTON II MORTGAGE PROGRAM
Offered By Brockton Community Banks and Credit Unions
The Buy Brockton mortgage program is a loan program offered by the Brockton area Community banks and Credit Unions. The program was designed to alleviate some of the negative impact from the current foreclosure crisis by offering qualified buyers financing to purchase a home currently owned by a bank, in foreclosure, or one that will be sold in a short sale.
PROGRAM HIGHLIGHTS:
The Property
> Single Family Home or Condo
> Bank Owned, In Foreclosure, being sold in a Short Sale
> Located In Brockton
> Purchase Prices up to $417,000
The Loan Program
> 30 year Fixed Rate Loan
> Maximum Loan-To-Value of 100%
> Owner Occupied only
> Discounted Interest Rate
> Discounted Closing Costs
> Unemployment Benefits via MI Plus Mortgage Insurance from Mass Housing
The Buyer
> Does not have to be a First Time Home Buyer
(But cannot own another home)
> Income cannot exceed $108,000
> Individuals or families
> Employed and have documented Income
> Must have Acceptable credit profile
Brockton Housing Partnership Member Organizations Financial Institutions: Bank of Canton, Crescent Credit Union, Dedham Institution for Savings, Eastern Bank, HarborOne Credit Union, Mutual Bank, North Easton Savings Bank, Rockland Trust Company, Sovereign Bank, The Community Bank and Webster Bank.
Community Partners; Brockton Housing Authority/, Brockton Interfaith Community, Brockton Redevelopment Authonty, Crty of Brockton
Fannie Mae, Habitat for Humanity of me South Shore, Massachusetts Housing Finance Agency, Neighborhood Housing Services of the South Share, Plymouth County Housing Alliance, South Shore Housing Development Corp. and Self Help Inc.
BUY BROCKTON MORTGAGE PROGRAM CONTACT LIST

HarborOne Credit Union

Steve Sullivan 508-895-1188

Rockland Trust Company

Steve Borgerson 781-982-6599
Red Hilton 781-982-6248
Bernadette Connelly 781-982-6324

North Easton Savings Bank

Kami Azevedo 508-238-2084

Crescent Credit Union
Donald Shemnitz 508-269-4058
Samira Rodrigues 508-580-6511 x217

Community Bank

John Whitaker 508-631-2169
Kevin Fitzpatrick 508-468-4054

Mutual Bank

Robert Kelley 781-524-5020

Avon Co-operative Bank

Kevin Hayes 508-586-1355

Dedham Institute for Savings
Beth Santella 781-320-4885
Beverly Somerville 781-320-4888

Values…

Values are like fingerprints.
Nobody’s are the same,
but you leave ’em all over everything you do.
-Elvis Presley