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

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.

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“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