NY Homeowners To Get Help Avoiding Foreclosure
6/20/2008 ALBANY - Gov. David A. Paterson and lawmakers reached agreement Thursday on measures aimed at helping people at risk of losing their homes because of the subprime mortgage debacle.
The bill, which seeks to aid areas hit hard by foreclosures stemming from risky loans, would require lenders to notify homeowners at least 90 days in advance of the start of foreclosure proceedings. Lenders would have to engage in settlement talks with the borrower before trying to take the house.
The legislation also would make it a crime to write mortgages for people knowing they cannot repay them and bar rescue schemes from so-called "distressed property consultants."
But notably absent from the deal was a one-year moratorium on foreclosures, which alarmed housing advocates. "The depth of this crisis and the costs to the state demand that New York slams on the brakes on home foreclosure so we can buy both borrowers and lenders time to work out individual loans," said Bertha Lewis of community activist group ACORN.
AARP strongly believes that the overall agreed-to bill will help those currently in foreclosure and will save thousands of New Yorkers from losing their homes, which for most is their single biggest asset. All New Yorkers should applaud the Governor, Senate Majority Bruno, and Assembly Speaker Silver for their sound leadership and working to achieve this historic agreement to address the foreclosure crisis.
As Rockland & Orange County's Short Sale and Foreclosure expert, I have a fantastic TEAM of professionals whom I can engage whether Short Sale, Pre-Foreclosure, or Foreclosure. I will ensure that homeowners are partnered with the appropriate Legal Representation needed to effect a sale.
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