New York State pledges $60M to help homeowners facing foreclosure

TRD New York /
Sep.September 24, 2012 02:00 PM

New York State is pledging $60 million over three years to fund counseling and legal services for New York homeowners of distressed properties. The Attorney General announced this morning that this year’s portion of the assistance — $20 million — will be awarded to 59 housing groups and 35 legal service organizations, as well as to fund training and technical services to assist homeowners in foreclosure.

“The rise in foreclosures in New York State is troubling, but this isn’t just a matter of numbers: each foreclosure represents a devastating loss for a family and a community,”  Schneiderman said in a statement. This program puts homeowners first, and these organizations will help get our neighborhoods back on track.”

There are more than 140,000 deliquent mortgages in New York; Long Island, Brooklyn, Queens, and the Hudson Valley are among the state’s hardest-hit areas. The funds come from a nationwide settlement from the five largest mortgage-servicing banks to 49 states and the federal government. –Jane Timm


Related Articles

arrow_forward_ios
Governor Andrew Cuomo (Getty; iStock)

Commercial evictions, foreclosures halted through October

Commercial evictions, foreclosures halted through October
Tillary Hotel at 85 Flatbush Avenue (Image via Kutnicki Bernstein Architects)

Isaac Hager’s Downtown Brooklyn hotel heads to foreclosure

Isaac Hager’s Downtown Brooklyn hotel heads to foreclosure
A million homeowners haven’t requested forbearance on their mortgages — and are now at risk for foreclosure and eviction. (iStock)

1M struggling homeowners didn’t request forbearance. Now what?

1M struggling homeowners didn’t request forbearance. Now what?
U.S. foreclosure filings in August jumped 11% as some states ended relief measures, though continued government intervention has prevented sharper increase (iStock)

US foreclosure filings jump as some states end relief measures

US foreclosure filings jump as some states end relief measures
FHFA director Mark Calabria (Getty; iStock)

Fannie and Freddie extend eviction, foreclosure moratorium

Fannie and Freddie extend eviction, foreclosure moratorium
(iStock)

These multifamily and office markets are more vulnerable to Covid distress

These multifamily and office markets are more vulnerable to Covid distress
Churchill Real Estate Holdings’ Justin Ehrlich (iStock)

Churchill Real Estate lines up $2B investment for residential lending

Churchill Real Estate lines up $2B investment for residential lending
Matthew Kramer, Victor Petrescu, Sebastian Jaramillo and Gov. Ron DeSantis (Getty, iStock) 

Eviction, foreclosure freeze in Florida delaying inevitable flood of cases

Eviction, foreclosure freeze in Florida delaying inevitable flood of cases
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...