Mortgage settlement principal reductions soar in Massachusetts

The second report on the national mortgage settlement reveals a significant jump in principal reductions and loan modifications for Massachusetts homeowners.

Compared to the first progress report in August, the second report disclosed that Massachusetts homeowners received more than $266 million in total relief through the end of September, more than six times that in the first report.

Using funds from the national settlement, Attorney General Martha Coakley created the HomeCorps program to help homeowners in Massachusetts and guarantee that borrowers receive the largest benefit possible under the agreement of the national settlement.

“Struggling homeowners in Massachusetts are beginning to receive concrete benefits from the national settlement and we intend to keep pushing for more progress,” Attorney General Martha Coakley said.

The latest report shows a significant increase in Massachusetts homeowners receiving loan modifications, principal reductions, second lien forgiveness and refinances of underwater mortgages.

Through Sept. 30, the jump revealed 2,205 total Massachusetts borrowers were reported, compared to 359 borrowers in the first three months of the settlement.

The second report by the settlement monitor reveals that a total of 3,949 homeowners in Massachusetts were given relief of all kinds for an average of $67,457 per homeowner, which continues to lead all New England states.

To see the full national mortgage settlement report coverage, click here.

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