New York has done tremendous work in instilling protections for homeowners since 2008; arguably, the best in the country as we have set the national standard for foreclosure prevention. We’ve passed far-sighted legislation to ensure no home is illegally foreclosed upon and provided homeowners with a Network of professional housing counselors and legal services attorneys to preserve homeownership. Among the best of these protections have been the mandatory settlement conferences in judicial foreclosure cases, though these conferences work best only when a homeowner has assistance. To lose these services would break the stride and be a severe setback in in the protections we’ve provided to preserve homeownership.
By committing $30 million in funding ($10 million for the 2017-18 fiscal year and $20 million for the following fiscal year) to HCR for the Foreclosure Prevention Services Network, the State can leverage the successes of an established Network of service providers, as well as other programs such as MAP and the CRF, and refocus it so that it continues to mitigate home mortgage and tax foreclosures, and also becomes a direct response to emerging and growing problems like reverse mortgage defaults and zombie properties.
CLICK HERE to read our full testimony.
For more information, please contact:
Kirsten E. Keefe
Empire Justice Center
119 Washington Avenue
Albany, NY 12210