Foreclosure Prevention Resources for New Yorkers
The NYSAR-supported Subprime Lending Reform Bill (Ch. 472 of 2008) was signed into law by Gov. David Paterson. The measure revamps the state’s foreclosure laws and implements a series of reforms to prevent a similar crisis in the future. Under the parameters of the law, lenders must give homeowners at least 90 days warning prior to initiating foreclosure proceedings, and provide homeowners with a list of local, state-approved housing counselors. Additionally, lenders must make a “reasonable and good-faith” effort to determine whether an applicant can repay a loan, and must meet with borrowers that have defaulted and face foreclosure. New consumer protections to require loan brokers to act in the borrower’s interest and present loans that are best suited to the borrower’s financial situation are also included as part of the package. For a detailed overview of the Subprime Lending Reform Bill, click here.
Links to Resources:
To find a state-approved housing counselor, click here.
To find a lawyer, please contact the NYS Bar Association’s Lawyer Referral Program
1-800-342-3661 or visit their website.
If you cannot afford a lawyer, please visit www.lawhelp.org/ny and click on “Housing” to find legal services and other resources to help you keep your home.
For further assistance, contact the New York State Banking Department Consumer Helpline at
1-877-226-5697 or visit the Banking Department’s website.
Source: New York State Association of Realtors