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  • Foreclosure Services Program Flier September 2011

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    Caesar Nguyen
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    Last year, more than 250,000 pre-foreclosure notices were mailed to homeowners. Conservative estimates predict the nation is about a third of the way into the foreclosure crisis. Funding cutbacks threaten this progress, says foreclosure crisis and response.

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    Last year, more than 250,000 pre-foreclosure notices were mailed to homeowners. Conservative estimates predict the nation is about a third of the way into the foreclosure crisis. Funding cutbacks threaten this progress, says foreclosure crisis and response.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
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    109 views2 pages

    Foreclosure Services Program Flier September 2011

    Uploaded by

    Caesar Nguyen
    Last year, more than 250,000 pre-foreclosure notices were mailed to homeowners. Conservative estimates predict the nation is about a third of the way into the foreclosure crisis. Funding cutbacks threaten this progress, says foreclosure crisis and response.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    ForeclosureCrisisandResponse ForeclosureCrisisandResponse

    ForeclosurePreventionServiceProvidersandtheirClientsurgethe GovernorandLegislatureto Restore$25MillioninfundingtotheForeclosurePreventionServicesProgram


    NewYorkisstillinthemidstofaforeclosure crisis.Lastyear,morethan250,000pre foreclosurenoticesweremailedtohomeown erswhilemorethan77,000foreclosureswere pendingstatewide.Indeed,sixofNewYorks citieswereamongthetop25metropolitan areasnationwidewiththelargestincreasein seriouslydelinquentmortgageslastyear. Conservativeestimatespredictthatthenation isaboutathirdofthewayintotheforeclosure crisis.NewYorkhasaggressivelyaddressedthis crisisbyincreasingprotectionsforhomeowners andtenants,initiatingasettlementconference process,andenactingservicerregulations. Theseactionshavehadpositiveeffects:New Yorkrankedsecondofonly11stateswhich experiencedhomepriceappreciationin2010. Now,fundingcutbacksthreatenthisprogress. In2008,theForeclosurePreventionServices Programgreatlyexpandedhousingcounseling andlegalservicesthroughoutthestategiving homeownersaninvaluabletoolinfighting foreclosureinandoutsidethecourtprocess. Thisfundingsupportsmorethan120organiza tionsthroughoutthestate.Over43,000 serviceshavebeenprovidedtoassistfamilies tosavetheirhomes. Vitalservicesareonthevergeofbeingcut unlessfundingisrestored.
    BasedonaSeptember2011snapshotsur veyofserviceproviders,with70organiza tionsresponding,betweenJanuary2010 andAugust2011,over40,000house holdswereassistedundertheForeclo surePreventionServicesProgram.Over 4,900homesweresavedand6,900fore closuresprevented.Withoutcontinued funding43%ofthesegroupsreportthat theywillsubstantiallylimittheirforeclo surepreventionservices,leavingtensof thousandsofhomeownerswithoutassis tanceandeliminatingmorethan100jobs.

    Thissurveycapturesoutcomesforap proximately60%ofHCRgrantees,but basedonthisdata,duringthisperiodit costNewYorksubstantiallylessthan$400 perhometoavoidforeclosure,whichin turnyieldedsecondaryeconomicbenefits toneighborsandcommunitiesandhelped tosupportthestateandlocaltaxbase. Inanationwidestudy,homeownerswho receivedcounselingwere1.7timesmore likelytocuretheirforeclosurethanhome ownerswhodidnotreceivecounseling. Housingcounselorsaidedhomeownersto obtainmonthlypaymentsonaverage $267lessthanpaymentsachievedbynon representedhomeowners. UrbanLeagueReport,http://nw.org/network/ nfmcpdocuments/2010.12.14FINALModelingReport.pdf

    ServicesProvidedUnderthe ForeclosurePreventionServicesProgram:
    HousingCounseling:Housingcounselors

    helppreparemodificationpackages,negotiate directlywithlenderstoobtainaffordable modificationsandprovideoneononebudget counseling.


    Legalassistance:Legalservicesoffices

    represent,andhavetrainedhundredsofpro bonoattorneystorepresent,homeownersin settlementconferencesandnegotiateloan modifications.Legalserviceprovidersalso defendhomeownersinforeclosureactions, raisingproceduralandsubstantivedefensesto foreclosures,protectinghomeownersrightsand preventingillegalforeclosures.


    Outreach:Thousandsofhomeownersare

    Dealingwiththebankwasreallystressful. WhenIcalledthemortgagecompany, sometimesIcouldntgetthroughtoany one;othertimesIwasputonholdforlong periodsoftime.Theylostmypaperwork andgavemeconflictingadvice.Intheend, theyrefusedtoworkwithme.WhenIgot theforeclosurepapersinMarch2009,Idid notknowwhattodo.Iwasterrifiedwe weregoingtoloseourhomeoftwenty yearsLegalServicesworkedsohardon ourbehalf;Iamverygratefultothemfor helpingussaveourhome.MywifeandI wouldbehomelessifwehadntfound LegalServices. LegalServicesclient Formoreinformationpleasecontact: KirstenE.Keefe KristinBrownLilley EmpireJusticeCenter (518)4626831 kkeefe@empirejustice.org kbrown@empirejustice.org HilaryLamishaw NeighborWorksAllianceofNYS 5182728289x214 hilary@triponline.org MeghanFaux LegalServicesNYC 7182463276 mfaux@sbls.org

    informedabouthowtoresolvetheirmortgage delinquency,whattheirrightsareinthe foreclosureprocess,andtheimportanceof appearingatsettlementconferences,greatly reducingdefaultratesacrossthestatefrom90% to20%.


    Training:Advocatesandprobonoattorneys

    developskillsandobtainuptodateinformation ontheforeclosureprocessandprograms availabletomodifyloansandresolvedefaults.


    SupportingtheCourts:Organizations

    supporttheOfficeofCourtAdministrationby developingcourtnotices,trainingpersonnel, conductingoutreach,screeninghomeowners anddevelopingbestpractices.

    STATEWIDE CAMPAIGN TO SAVE THE FORECLOSURE PREVENTION SERVICES PROGRAM

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