According to NBC’s Providence/New Bedford, affiliate station, there is a new non-profit group, Pro-Home, Inc., based in Taunton, Massachusetts, that is counseling homeowners who are facing foreclosure. While many investors salivate at the prospect of picking up foreclosed properties, it is a serious issue that many people face across the country.
Experts say many homeowners help create the problem by letting aggressive lenders pressure them into homes they can’t afford.
Mary-Ellen Rochette, Pro-Home executive director, said some on-line mortgage companies offer loans in which homeowners don’t need to prove income and are qualified for much more than they can afford.
And then, a few months later, she said they’re behind and can’t even get refinanced because they bought way over their means.
Its good to know that there is a non-profit out there helping this underserved group of people. They’re going to have a lot more work on their hands as interest rates climb.
More on Pro-HomePro-Home Saving Homeowners from Foreclosure by Joshua Dorkin