NYS Foreclosure Help
If you are a New York homeowner experiencing tough financial times, you may be concerned about the possibility of foreclosure. You don't have to watch helplessly as your home is repossessed by the bank. Assistance is offered to help struggling New York residents fight foreclosure. Act fast to prevent foreclosure from occurring.
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State of New York Banking Department
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The State of New York Banking Department provides useful information and resources for homeowners facing foreclosure. Through the website, homeowners can access links directly to federal assistance programs, including Making Home Affordable and state assistance, such as legal aid and counseling agencies. Explanations of the New York foreclosure procedure and prevention options are also provided.
Making Home Affordable
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The Making Home Affordable program helps homeowners refinance or modify their loans. If you are current on a Freddie Mac or Fannie Mae guaranteed loan, you may be eligible to refinance at a lower interest rate even if the home does not appraise at the purchase price of the home. Delinquent homeowners can adjust the terms of the loan by lowering the interest rate or extending the length of the loan.
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Emergency Homeowner's Loan Program
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HUD established the Emergency Homeowner's Loan Program to provide relief to homeowners who are unable to pay the mortgage, through no fault of their own. Assistance is offered in the form of an interest-free loan. A loan of up to $50,000 is awarded to cover delinquent payments or pay the mortgage for up to 24 months while the homeowner seeks employment. If payments are made in a timely manner, each year the balance of the loan declines by 20 percent. Over the course of five years, the balance is forgiven.
Legal Aid
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The New York State Bar Association offers legal advice and representation to low- and moderate-income homeowners. You will need to complete an application, providing your financial information to determine eligibility. If approved, assistance will range, depending on the case. Pro bono attorneys volunteer their services to give New York homeowners the necessary help to challenge a foreclosure.
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