By the Division of Banks
Preventing Mortgage Abuse
HOPE Hotline to Help Avoid Foreclosure
If you are currently having, or anticipate having difficulty making the payments on your mortgage, or have recently received a foreclosure notice, you are urged to contact NeighborWorks' HOPE Hotline at (888) 995-HOPE (4673), or at www.995hope.org. Counselors on the HOPE Hotline are available 24 hours a day, 7 days a week to advise you on the resources available to Massachusetts homeowners.
The Division of Banks has implemented a coordinated plan designed to address abuses by mortgage lenders and brokers. Several recent investigations have produced evidence that some mortgage lenders and brokers have purposely steered perspective consumers, often of low and moderate-income or limited English language ability, into loans that they can not afford by using misleading tactics and, in some cases, committing fraud. The plan combines enforcement and regulatory initiatives and community and industry partnership and outreach, including a summit of government, industry, and non-profit organizations to craft a coordinated statewide foreclosure prevention strategy.
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