Industry members of the Hope Now Alliance are trying to ratify the current mortgage crisis all over the nation.  Their plan to help homeowners who hoped to refinance their adjustable-rate mortgages before the high interest rates were set, is being met with mixed results. 

The program, set into place by the nation’s main financial institutions, will give homeowners in the foreclosure process an extra 90 days to meet their payments or come to terms with their lenders.  

This law to protect homeowners began with a "Right To Cure" period of 30 days but has been ratified to include an extra 60 days before foreclosure proceedings can begin. 

The new law has helped the foreclosure rate in Massachusetts.  In May, Massachusetts foreclosure rates dropped 89% from April and an 82% drop from May 2007.  This new law has given Massachusetts homeowners a chance to get back on their feet and continue with their mortgage payments. 

For more information on Massachusetts foreclosure proceedings and the Hope Now Alliance, please contact .

You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.