You can now read 10 articles in a month for free on Read as much as you want anywhere and anytime for just 99¢.

The Boston Globe


Write-downs give some homeowners a break

Pushed by government incentives and political pressure, mortgage lenders are forgiving millions in loans

BROCKTON — Donald and Stacey Dobbins fought for seven years to save their modest four-bedroom Colonial from foreclosure, unable to keep up with ballooning debt on the house they bought in 2005 for $297,000 without any money down.

In December, however, the family’s housing nightmare ended with a proposal that at first seemed unreal. The Dobbinses’ lender, GMAC Mortgage, offered to erase a whopping $190,000 from their debilitating debt and cut the interest rate to 4.4 percent. That reduced the monthly mortgage payment to $1,400, almost half of what they were paying.

Loading comments...

You have reached the limit of 10 free articles in a month

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week