NYC, Get Ready for Heaps of Foreclosures
NY City homeowners are approaching the highest rate of foreclosures in 10 years. Yow. Two of the worst hit neighborhoods are in Queens: Rochdale and Jamaica. But some agencies stepping up to try to help the situation, although it’s sort of a drop in the bucket. Last Friday, the State of New York Mortgage Agency unveiled a hefty program to help those people who risk foreclosure refinance their loans. This $100 million program is able to help 500 homeowners statewide. Not citywide, but statewide, 500 homeowners vs. the expected 14,000 homeowners in NYC by end of year. Counseling organizations are getting bombarded with calls, too. It’s a sorry state of affairs.
Related:
NYC Braces for Forecloure Surge [New York Business.com]
Home Refinancing Program Aims to Help Owners Stay Put [NY Times]
