Massachusetts Attorney General Martha Coakley this week unveiled an initiative designed to prevent foreclosures by increasing the number of loan modification specialists available to distressed borrowers.
Coakley's "HomeCorps" program is funded by the state's share of a nationwide settlement involving the five largest mortgage servicers and their connection with unlawful foreclosures and loan servicing.
The goal of the program is to ensure that all Massachusetts' borrowers facing foreclosure receive an evaluation and assistance from a loan modification specialist, her office announced.
As part of the program, Coakley's office has established a new hotline to make mortgage experts available to assist borrowers facing foreclosure
Coakley said more than 45,000 people in Massachusetts have lost their homes to foreclosure as a result of the economic downturn and thousands more are facing foreclosure.