New York State Department of Financial Services foreclosure and mortgage help.
Homeowners across New York can seek assistance from the Department of Financial Services and the various organizations they partner with. Programs can help those who are currently in a foreclosure or who are behind on their monthly mortgage payment and are therefore at risk of foreclosure. Specialists, lawyers and housing counselors work with the Department of Financial Services to help those who are struggling. Find where to apply below
The specialists will closely review each case. They will work with the homeowner to assess where they currently stand in the pre-foreclosure process. Or they will get the latest information on their situation, including determining how far they may be behind on their mortgage.
After this initial consultation, the housing specialists from the New York Department of Financial Services will provide assistance. This will include distributing information about a wide range of loan modification programs and solutions such as forbearance. If you have an abusive lender or unfair mortgage, then get details on ways to file complaints about predatory lenders and abusive practices by banks and mortgage services.
When you meet with a representative from the Department of Financial Services or one of their affiliated agencies, then be sure to bring all relevant documentation. Homeowners need to bring identification, information on your budget as well as all relevant documents, such as letters from lenders or mortgage servicers as well as records of mortgage payments and copy of their loan terms.
The objective of the housing specialist is to provide direct help to homeowners in New York, and to get the word out to homeowners that it’s critical to ask for help as quickly as possible. People should ask before they receive a foreclosure notice from their lender. The longer a homeowner waits to look into options from the New York Department of Financial Services or other agencies, the more difficult it will be to save a home.
Scams and predatory lending is also addressed by this state agency. For example, homeowners need to be aware of mortgage rescue scams being offered by private individuals or businesses. For example, many companies are trying to collect homeowners’ mortgage payments, demand upfront fees, or ask people to sign over their home’s deed in order to get aid. If you think you are faced with a scam situation, then homeowners may file complaints using the New York Department of Financial Services website, or call their hotline at 800-269-0990. Families should never need to pay an upfront fee, and anyone who asks for this type of payment is probably running a scam on the homeowner.
The New York Department of Financial Services can also refer families to free or low cost legal assistance and programs. Lawyers can help individuals review their mortgage documents, and if your income meets certain standards most of the legal advice is offered for free. They will make sure your home loan is not in violation of any state, federal, or local laws.
If you do not currently have a lawyer, and have received a foreclosure notice, then call the New York State Bar Association's Lawyer Referral Program at (800) 342-3661. This center may be able to refer you to an attorney. While legal support is not necessarily needed in a foreclosure filing, if you do not think you can afford a lawyer then specialists from New York Department of Financial Services may be able to help you find free legal services in your area.
The professionals who are part of the Department of Financial Services work closely with Not-For-Profit Housing Counselors and HUD certified agencies in New York. Each of these non-profits will have on staff housing counselors that offer mortgage help. The services they offer will assist people with handling foreclosure-related issues, the counselors can give advice on your options and available resources at little or no cost to the homeowner. The counselor may also be able to negotiate with your bank or lender for free. Many also have lists on law firms, and can help people find free legal services in their town or county in New York.
Applying to New York Department of Financial Services mortgage programs
To get more information or to learn how the New York Department of Financial Services can offer you with solutions to your foreclosure crisis, dial (800) 269-0990.
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