The Federal Reserve Bank of Boston's Consumer Resource for Mortgages and Foreclosures
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link to choosing a mortgage page
link to refinancing page
link to credit report and score page page
link to facing foreclosure page
link to publications and web sites page
link to contact us page
MakingHomeAffordable.gov (offsite)
Self-assessment tools, calculators, and resources to help homeowners determine whether they might be eligible for a home loan modification or a refinance under the Home Affordable Refinance Program
Opportunity Knocks (offsite)
Homebuyer fairs and affordable open houses held in communities across Massachusetts on May 2 and 9, 2009
5 Tips for Avoiding Foreclosure Scams
Ways to protect yourself when seeking help to keep your home.
Foreclosure Prevention Workshop
Held on
Saturday, February 14, 2009 in Hartford, CT
A Consumer's Guide to Mortgage Refinancings
The Federal Reserve Board of Governor's resource to help consumers make informed choices when refinancing a home loan.
HOPE for Homeowners Program:
Assistance Offered to Struggling Homeowners by New Housing Law
This new law contains provisions that will help some homeowners refinance into a more affordable mortgage. Borrowers must meet various criteria in order to qualify, and lenders are not required to participate in the plan. The provisions take effect on October 1, 2008, and run through September 30, 2011.
Fed Approves New Rules for Home Mortgage Lending
Final rules for Regulation Z (Truth in Lending) aim to protect consumers and facilitate responsible lending.
Mortgage Relief Initiative Expands and Evolves
The Mortgage Relief initiative introduced in December 2007 is growing – from an initial five banks to more than 50 banks of every size, with branches throughout Massachusetts and much of New England. The expansion comes as community banks affiliated with the Massachusetts Bankers Association joined the effort in June 2008.
The Mortgage Relief initiative is also evolving. The original plan was to reach out to borrowers with high-rate “subprime” loans who might be eligible for a more secure, predictable, affordable mortgage from a bank. However, falling home prices in many parts of New England have eroded home equity. As a result, some borrowers’ homes are now worth less than their loans, and refinancing into a new mortgage can be difficult. Whenever possible, the banks participating in the initiative will help eligible homeowners refinance into conventional loans that will better meet their needs.
TheInformedHomebuyer.org is here to help consumers make better informed decisions about obtaining or refinancing their mortgages. This website is intended for educational purposes only. The Federal Reserve Bank of Boston does not offer mortgage products. The Federal Reserve Bank of Boston does not provide mortgage advice and will not endorse or promote any particular mortgage lending institution.