search

The Real Deal Logo

Trending

H-E-B snags 21 acres in Celina, hinting at development boomH-E-B snags 21 acres in Celina, hinting at development boomMacerich faces “imminent” default on $300M Santa Monica Place loanMacerich faces “imminent” default on $300M Santa Monica Place loanHGTV’s “Mr. Flip It” gets four years in jail for $10M fraudHGTV’s “Mr. Flip It” gets four years in jail for $10M fraudLawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421a
New York

NYS foreclosure-prevention agencies face foreclosure themselves

More than 120 legal aid foreclosure prevention agencies are facing foreclosure in New York state, according to the New York Times, which could leave homeowners to face proceedings alone. These programs, financed since 2009 by federal stimulus spending, have helped around 3,000 New York homeowners in the past three years, but the money will run out by the end of 2011.

Sign Up for the undefined Newsletter

Jennifer Ching, project director of Queens Legal Services, an organization in danger of foreclosure, told the Times she wasn’t sure she’d be able to pay her staff by the end of the year. Democrats in the State Assembly attempted to add $4 million in foreclosure-related spending to the state budget to bridge the three-month gap between then and the beginning of the new fiscal year in April, but were unsuccessful.

In New York state, around 40,000 homeowners are currently contending with foreclosures. The state’s prevention laws are strict, and require lenders to give 90 days notice before foreclosing on a property, giving homeowners time to secure aid. Who they will turn to if prevention agencies are foreclosed upon is unclear. [NYT]

Tags
Foreclosures