New Budget Provides Funds For Foreclosure Relief
Posted on Friday, 11 of April , 2008 at 4:00 pm
ALBANY—Thousands of homeowners will get relief from foreclosure with the inclusion of $25 million in the enacted state budget. The Subprime Foreclosure Prevention Services Program includes grants and aid to non-profits to provide financial counseling, mediation, legal representation, negotiation, and other support services to borrowers who face default or foreclosure. “It’s estimated that up to 50,000 New York families could lose their homes to foreclosure by the end of this year,” said Governor David Paterson. “This program will help reverse this trend and allow a great many senior citizens and families who’ve been targeted by subprime lenders to hold on to their homes. I want to thank the State Legislature for its leadership in addressing this crisis and putting forward a thoughtful plan in the budget.”
The Subprime Foreclosure Prevention Services program will be developed and administered by the Division of Housing and Community Renewal (DHCR), in consultation with the Banking Department, and the Office of Court Administration.
Overall, it is estimated that 20 percent of subprime loans will end in foreclosure and over 50 percent of all foreclosure filings are on subprime loans. According to RealtyTrac, in 2007 there were 57,350 foreclosure filings in New York State, representing a 55 percent increase over 2005. These filings affected nearly 39,000, which equates to one in every 200 homes in New York State. 4-11-08
Category: Consumers, Good News, Government, New York State
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