Thursday, June 26, 2014

FOR LONG ISLAND HOMEOWNERS FACING FORECLOSURE

Newsday reports today:

"Long Island homeowners in distress will soon be eligible to apply for a new low-cost loan program meant to help avert foreclosure.

Homeowners will be able to obtain loans this fall of up to $40,000 to pay down delinquent home loans or satisfy liens, which can interfere with troubled homeowners' ability to have their mortgages modified by lenders, New York Attorney General Eric T. Schneiderman said Wednesday.

For many families, "receiving a small loan through this program will mean the difference between a mortgage modification and the loss of a home," Schneiderman said in a statement. He is expected to officially announce the initiative, called the New York State Mortgage Assistance Program, Thursday in Hempstead. Recipients must earn less than 120 percent of their area's median income."

I could not find the press release on the AG web site but here is the link to the New York State Mortgage Assistance Program website:

http://nysmap.org/

No comments:

Post a Comment