Foreclosure Prevention Workshop Sponsored by Prudential Rand Realty

Foreclosure Prevention Workshop

When: 6-9:30 p.m. Tuesday, November 25
Where: The Comfort Inn, 425 E. Route 59, Nanuet, NY

Government officials and agencies will present free lectures and workshops for those concerned about home foreclosure. While most of the resources are Rockland-based, residents of other counties are welcome to attend.
Expected participants include representatives from HOGAR, the Rockland Housing Action Coalition, the U.S. Department of Housing and Urban Development, the Legal Aid Society of Rockland and the Mental Health Association of Rockland, and several elected officials.

If you'd like more info, you are welcome to give me a call on 845-641-8613 or send me an email at donna.cox@prudentialrand.com.

The following is from the Journal News...

A lot of Americans would rather go down with the Titanic than offer a lifeboat to homeowners facing foreclosure - the starting point in our ongoing economic collapse. Many members of Congress have been similarly inclined; so far, proceeds from the $700 billion bailout package have been jealously reserved for failing financial institutions and their shareholders while doing little so far to solve our credit crisis or untangle the root problems of individual borrowers.

It is clear, however, that local governments cannot sit back and wait for Washington to engage. The point was underscored yesterday by New York state Comptroller Thomas P. DiNapoli. He issued a report on the foreclosure crisis in New York and its deleterious effects on municipal finances. The "good news" is that the toll from failing subprime mortgages is less pronounced here than in other parts of the country, despite pockets of problems.

"The bad news is that there is a real possibility that, given anticipated declines in property values, local governments will be faced with some touch choices in the future," the report states. ". . . A 5 percent reduction in property values could result in a 'worse case' potential loss of between $1.0 billion and $1.3 billion . . . to local governments unless tax rates are increased significantly, with most of this loss occurring in school districts."

He warns that a handful of local governments are at their constitutional taxing limits, severely limiting their budget choices. "Property taxes are the foundation for local tax revenues, but that foundation is weakening," said DiNapoli. ". . . With no end in sight to the housing crisis, many local governments will find their finances stretched pretty thin in order to maintain services."

No joke. Yesterday, Rockland County Executive C. Scott Vanderhoef pushed to give homeowners facing foreclosure a boost - more time to pay off their tax debt, and allow them to make smaller payment installments. That won't get at all of a troubled homeowner's problems, but it will help. Additionally, next week a comprehensive workshop organized by Prudential Rand Realty will offer owners facing foreclosure further assistance, information and support - perhaps a life line beyond calamity.

Government officials and local nonprofit agencies will be on hand Tuesday night at The Comfort Inn in Nanuet for the Foreclosure Prevention Workshop. Greg Rand of Prudential Rand told the Editorial Board of the eagerness to help by all those involved, from Rockland Housing Action Coalition to elected officials. He said he hoped to bring similar workshops to Westchester and other Lower Hudson Valley communities.

Rockland carries the embarrassing distinction of having the sixth-highest property taxes in the country (Westchester's No. 1 and Putnam escaped the Top 10 by one slot, coming in at 11th.) At present, 385 properties are in the foreclosure process due to property tax delinquency, according to Rockland Finance Commissioner Chris Kopf. Property owners have to come up with 20 percent of the amount owed just to be entitled to a two-year payment plan for getting out of arrears. Vanderhoef yesterday proposed a "Homeowner's Relief" law that would allow a homeowner behind on property taxes to make a 5 percent down payment and have three years to pay. To change the local law, "home rule" legislation needs to be passed by the state Legislature.

That could be much-needed breathing room for those staring into the abyss.

A Journal News editorial