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

MORTGAGE SCAM HELP

From the NYS AG website:

"Thousands of New Yorkers are scammed by companies who take advantage of homeowners in distress. Don't let it happen to you. The New York State Attorney General created AGScamHelp.com to assist homeowners in finding free, qualified mortgage assistance relief services from a network of trusted partners operating across the state under the New York Attorney General Homeowner Protection Program (HOPP). We are dedicated to alerting homeowners like you about foreclosure rescue scams so you can avoid scammers and get legitimate help."

See https://agscamhelp.com/en

NEW YORK STATE MORTGAGE ASSISTANCE PROGRAM

Today Newsday reported on some first loan closings made under the program

http://www.newsday.com/news/mortgage-program-offers-struggling-homeowners-fresh-start-1.9795688

According to the article:

"The state received 146 applications for the loan program in just over three months -- 41 from Long Island. Twenty-six loans have been approved since mid-November. Applicants are eligible for up to $40,000, according to the statement."

In my view, a very small amount - it would appear that the program is not aimed at the majority of homeowners who are in foreclosure due to "unaffordable housing".

A link to the program's website is below:

http://nysmap.org/

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/