New York foreclosure assistance and mortgage help.
Get assistance with paying your mortgage and find foreclosure help in all cities including New York City, Hempstead, Syracuse, and Brookhaven. Or ask an agency below in order to find information on other resources and assistance programs that are available in New York that can help you with paying other bills.
State of New York Mortgage Agency (SONYMA) - The Keep the Dream mortgage assistance program helps New York homeowners with interest only loans or risky adjustable rate mortgages. The state of New York and agencies that administer the program help people refinance into a safe fixed interest rate mortgage, which should help reduce foreclosures.
Borrowers are eligible for assistance with their mortgage payments if they can show that they have recently experienced a hardship. Or they will be eligible if they will experience some form of a mortgage payment hardship in the near future. So this is both a pro-active and reactive solution for homeowners.
Generally, this aid program will help those borrowers who have adjustable rate, sub-prime or interest-only mortgages if the interest rate has just recently increased. Assistance may also be offered to homeowners if the rate will increase in the near future. Borrowers may also be eligible for help from the state of New York if they are no more than 60 days behind on their current mortgage payments. This needs to have been caused by higher payments that are the result of an interest rate reset.
Eligible applicants and potential 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. In other parts of the state, the state set income levels of up to 125% of the area median income, and this is 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 will need to live in the home being financed and it needs to be their primary residence. Call 1800-382-4663
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. If you are behind on your mortgage and have the possibility of losing your home, then the settlement conference is mandatory in New York.
Free foreclosure assistance in New York City
Homeowners facing a foreclosure in NYC can get free legal aid from lawyers at NYC Service Legal Outreach. It is a volunteer organization that was created by hundreds of attorneys in New York, with the primary goal of helping people save their home. Learn more on free legal aid in NYC.
Another program was created by over 80 attorneys who offer pro bono foreclosure legal assistance. Thousands of homeowners are assisted each and every year from these lawyers and their staffs. Find out more information on free New York City foreclosure prevention.
Homeowners in New York can also contact a Bank of America home loan help center that has been opened in Brooklyn. The center can help families and individuals across all boroughs in the New York City area. You will have the ability to meet face to face with a housing counselor, apply for loan modifications, and explore all foreclosure prevention programs offered by Bank of America and the federal government. Find details on Brooklyn mortgage assistance services.
New York free foreclosure counseling and aid
A Rochester New York based private, non-profit agency provides homeowners across the state with free foreclosure prevention advice, mortgage information, and may even deal directly with the homeowner lender to find a solution. Learn more on free foreclosure counseling.
New York City Mortgage Assistance Program
Millions of dollars are being made available to New Your City homeowners to help them avoid a foreclosure. Loans of up to $25,000 will be made available to help them get back on track with their mortgage so they can continue to live in their homes. Read more on mortgage assistance loans in New York City.
Non-profit agencies that provide counseling
Dozens of firms and non-profit organizations in New York have been certified as federal government HUD approved counseling agencies. These firms can help homeowners throughout New York get back on track with their mortgage payments. More on New York HUD approved agencies.
State funded agencies
The state agency known as the Department of Financial Services administers a number of programs for homeowners. Many are run in partnership with housing and credit counseling agencies as well as local non-profits.
Whether you have received a foreclosure notice from your mortgage servicer or bank, or just need a little extra time or help paying your mortgage, this NYS department may have a solution for you. They strongly recommend that homeowners ask for help as soon as possible. The longer they wait, the more difficult it will be to assist. Click here for more information on mortgage help from the Department of Mortgage Financial Services.
New Foreclosure Law
The immediate focus of the recent law passed in New York 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 also requires that 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. Read more on the New York foreclosure process.