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Wed., Feb. 13, 2008
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Free mortgage advice for
homeowners in Brockton
By Kyle Alspach,
Enterprise staff writer
BROCKTON— Sam Preval has watched his mortgage
payments rise, the value of his house sink and his
headaches multiply.
Like countless others, the 48-year-old Brockton resident is
worried about the future of his home and his sanity amid the
continuing mortgage crisis.
“I started getting nervous when I realized how tight things
were getting,” Preval said. “I’m now behind (on my payments)
by one month. I don’t want it to escalate.”
Preval was among the 60 homeowners who attended a free
mortgage counseling event Tuesday night at St. Patrick’s
Church in Brockton.
Those attending met one-on-one with volunteer counselors
from local banks and nonprofit groups who offered advice
and referrals to other resources.
The ultimate goal was to help homeowners avoid
foreclosures, which has happened to hundreds in the region
in the past year.
“We plan to do this again some time soon,” said Mayor
James Harrington in remarks at the event.
For Preval, the adjustable-rate mortgage for his Hawthorne
Street home is the problem. His monthly payment jumped
from $1,800 to $2,100 last fall, and it is set to rise another
$200 in April.
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Even with two jobs — as an office equipment technician and
a staffer at a special needs school — he couldn’t put the
funds together for the payment last month.
On top of it all, his home dropped in value from $289,000 to
$258,000 as the real estate market cooled the past few
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years.
“I’m trying to find out what I have available as an option
before it gets too bad,” he said.
It was a similar motive for 36-year-old Laura Joseph of
Plympton, who said she is two months behind on her
payments.
Joseph said that starting a business last year and a custody
battle over her children have put strains on her finances.
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“It might cost me my home,” she said, noting that her
payments have jumped from $2,900 to $3,400 a month in
recent months.
BROCKTON, MA
Wicked Local Classifieds
Read more...
The advice given to homeowners all depended on the
seriousness of the situation, said Leo MacNeil, senior vice
president of marketing at HarborOne Credit Union.
Brockton saw 363 foreclosure deeds recorded in 2007, more
than twice the previous year’s total and one of the highest
numbers of any community in the state.
Read more...
Other local communities — such as Bridgewater, Stoughton,
Holbrook and Whitman — saw their foreclosures more than
triple in 2007.
MA
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“In some cases, there’s hope for refinancing,” he said. “In the
worst case, they might have to the accept the fact they won’t
be able to stay in this home.”
Southeastern Massachusetts has been hit hard by the
mortgage crisis.
BROCKTON, MA
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return dates for 14
shows
Tuesday’s event was organized by the Brockton Housing
Partnership, the Brockton Interfaith Community and the city
of Brockton.
Kyle Alspach can be reached at
[email protected].
Give us your opinion on this story.
The Enterprise
60 Main St.
P.O. Box 1450
Brockton, MA 02303-1450
(508) 586-6200
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Telephone: (508) 586-6200
2/13/2008 4:38 PM
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