The Real Deal New York

As part of his proposed initiative to slow the rate of foreclosures in New York City, Mayor Michael Bloomberg has said that the city would allow delayed payment for water and sewer bills from two- and three-family homeowners who are struggling to pay down debts. “By putting a temporary freeze on their water and sewer debts, and not assessing any interest on the unpaid debts, we’re giving them a financial lifeline,” Bloomberg said in his announcement. He added that because there is a correlation between homeowners who fall behind on mortgage payments and those who fall behind on water and sewer payments, that this could potentially reduce the number of homes that go into default. “It’s in everyone’s interest to help struggling New Yorkers hang onto their homes,” Bloomberg. TRD