ON GOVERNOR CUOMO'S ANNOUNCEMENT TO PURCHASE NOTES ON 398 HOMES

Governor Andrew M. Cuomo on August 11announced that the state's new $7.6 million Community Restoration Fund has purchased the mortgages/notes for 398 homes in a strategic effort to bring owners in targeted communities out of foreclosure and keep the homes from abandonment through renovation and resale where necessary.

203 of these homes are based in Long Island.

The relief will take the following form:

"To keep the original owners affordably in their homes, the CRF program works in ways that public and private servicers cannot, including engaging a network of locally based nonprofit housing counselling organizations that provide one-on-one counselling with the owner and direct outreach to the lender to modify the loan, and making possible necessary repairs and addressing deferred maintenance.

In cases where a mortgage modification is not possible and the homeowner cannot financially support a reduced mortgage or no longer wants to own a home, HCR and its nonprofit partners can offer resources and support to help the owner get a fresh start, while ensuring that the property is not abandoned, and is quickly repaired and resold as affordable housing to a qualified buyer."

NOTE: If you are facing foreclosure and your mortgage was not one of those purchased by the CRF, there is still help available!  The links below can provide you with information on other sources of foreclosure support as well as contacts that can potentially assist you.

HomeSmartNY Foreclosure Counseling
– Foreclosure Prevention Counseling

Homeowner Protection Program Counselors
         – HomeOwners Protection Program

Help for Homeowners Facing Foreclosure
– Department of Financial Services

New York State Mortgage Assistance Program
– Mortgage Assistance Program

SONYMA Borrowers:  Call (800) 382-4663