New York mortgage foreclosure assistance and help

Get assistance with paying your mortgage and find foreclosure help in all cities including New York City, Hempstead, Syracuse, and Brookhaven. Or find other assistance programs available in New York that can help you with paying other bills. Continue.

Help Refinancing

State of New York Mortgage Agency (SONYMA) - The Keep the Dream mortgage assistance program helps New York homeowners with interest only mortgages or risky adjustable rate mortgages refinance into a safe fixed-rate mortgage, which should help reduce foreclosures.

Borrowers are eligible for assistance with bills if they can show that they have recently experienced a mortgage payment hardship or they are eligible if they will experience a mortgage payment hardship in the near future. Generally, this aid program will help those borrowers who have adjustable rate or interest-only mortgages if the interest rate has just recently increased or if the rate will increase in the near future. Borrowers may also be eligible for help if they are no more than 60 days behind on their current mortgage payments because of higher payments that are the result of an interest rate reset.

Eligible applicants and borrowers for the SONYMA program can have incomes that are up to 165% of the average area median income in Long Island, New York City, and the counties of Dutchess, Ulster, Orange, Westchester, Rockland and Putnam and incomes of up to 125% of the area median income for the other areas of New York State.

Also, owners of one- to four-family homes, cooperatives, and condominiums are eligible for help. However borrowers need to live in the home being financed.

Mandatory Foreclosure Settlement Conference
When a foreclosure notice is filed, the lender is required to meet with the homeowner to determine if a solution can be arrived at. The homeowner can also bring an attorney, or one will be provided to them if they can’t afford one on their own. Read more on the foreclosure settlement conference.

New Foreclosure Law
The immediate focus of the recent law passed in New York bill is to assist homeowners who are facing foreclosure. The law requires that mortgage lenders need to send a pre-foreclosure notice to borrowers at least 90 days before any foreclosure proceedings may be initiated. This notice from the lender will encourage homeowners to seek help with their mortgage prior to the initiation of foreclosure proceedings. The law requires lenders to list in the notice sent any government-approved housing counselors who are serving the borrower’s area, and who may be able to help.

The New York law also establishes a mandatory settlement conference for foreclosure proceedings involving homeowners with certain subprime loans. For those homeowners who can’t pay for or afford an attorney, the court, under certain circumstances, may appoint one to help in this process.

The law requires plaintiffs in the action against a homeowner to make an affirmative allegation that they have standing to carry through with the foreclosure action and that they have complied with certain applicable laws. As many know, ownership of the mortgage as well as the note is sometimes uncertain, which has sometimes lead to questionable foreclosure practices.

The law includes numerous provisions to address those foreclosure rescue scams that are intended to take advantage of borrowers when they are most vulnerable. This law prohibit upfront fees and will require a written contract from anyone who promises help, such as these so-called “distressed property consultants.