A 95-year-old woman backed by consumer and elderly advocates sued two reverse-mortgage companies for charging allegedly excessive fees after she fell into foreclosure proceedings.
Watch our video to learn more about reverse mortgages.
Nearly 24,000 borrowers in the U.S. received notices that their reverse mortgage became “due and payable” in the 2015 federal fiscal year ended last September, triple the level of 2014, according to the U.S. Department of Housing and Urban Development.
Six years ago, former Attorney General Martha Coakley launched an investigation into Newton-based foreclosure firm Harmon Law Offices PC, concerned it was violating certain eviction and foreclosure laws. Last spring, the new Attorney General Maura Healey quietly settled the case without the company admitting to, or the office finding, any wrongdoing.
A representative from Massachusetts Atty. Gen. Maura Healey's office testified Tuesday in favor of a bill meant to protect elderly and disabled residents who are struggling to pay past due municipal taxes. The legislation – “An Act Relative to the Improvement in the Process for Collecting Delinquent Property Taxes” – was discussed Tuesday morning in the state Joint Committee on Revenue.
Newly proposed state legislation would limit the profits that private companies make by buying tax liens from cash-strapped municipalities and foreclosing on homes if...
Private mortgage insurance was created to help less wealthy people buy homes by reducing the risk to mortgage lenders if the borrower defaults. But...
When Guillermo Galindo lost his two-family Revere home to foreclosure in 2009, the soft-spoken Colombian thought he had finally freed himself from the flood of threatening collection letters from his lender and a ballooning, untenable debt. But that hope evaporated months later when Galindo received a letter from a lawyer claiming he owed $136,547 in losses for the family home he’d left behind.
As cash-strapped towns and cities around the Bay State face a mounting stash of unpaid tax liens, they are increasingly turning to for-profit companies to pursue delinquent owners -- prompting concerns among consumer advocates that vulnerable residents are being hit with astronomical fees and sometimes are losing their homes in the process.