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

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