Deed-in-Lieu of Foreclosure

In a Deed-in-Lieu of Foreclosure, the borrower voluntarily transfers ownership of property to the servicer in full satisfaction of the amount due, provided that the title is free and clear of mortgages, liens and encumbrances (though this can sometimes be negotiated). Like a short sale, a deed-in-lieu can decrease the cost and emotional trauma of […]

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Foreclosure prevention programs face budget crunch (Metro)

Leon Keith nearly lost his three-family home in the Bronx in 2012, after becoming ensnared in a high-profile Ponzi scheme. He credits the foreclosure prevention services operated by the Legal Aid Society helping him in court and in obtaining a loan modification that enabled him to pay his mortgage. (Read the rest of the article […]

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Foreclosure Help for Homeowners Under Threat, Advocates Warn (DNAInfo)

BROOKLYN — Thousands of New Yorkers are at risk of losing their homes years after the foreclosure crisis dominated headlines, and their cases are growing increasingly complex, experts say. Yet, funding for the 32 legal aid and nonprofits in the city that provide free help to homeowners needing loan modifications or other assistance may soon disappear. (Read the […]

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Foreclosure prevention network calls for vital New York State funding

These are uncertain days for advocates working on the front lines to prevent homeowners from losing their homes to foreclosure. While foreclosure filings in New York State remain high since the housing bubble burst — with nearly 34,000 new filings in 2016 and 72,000 pending cases in court — funding for the state’s only Foreclosure […]

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“Stopping Foreclosure Rescue Scams in Their Track” and other headlines from 2016

DSNews: New York: Stopping Foreclosure Rescue Scams in Their Tracks City Limits: Call for Halt to Aggressive Real-Estate Tactics in East New York ABC 7 NY: Mayor de Blasio, FEMA Announce Plans to Revise NYC Flood Maps  PBS NewsHour: East New York painter confronts the ‘brutal’ force of gentrification Emergency Management: With Hurricane Season Upon Us, Do You Know […]

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Groundbreaking policies to benefit NYC homeowners at risk of foreclosure

New York homeowners at risk of foreclosure will benefit from two promising developments announced last week: the groundbreaking purchase of New York City mortgage notes from the Federal Housing Authority and new reforms to the federal government’s Distressed Asset Stabilization Program. The New York City mortgage purchase initiative is notable because it is the first […]

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How one New York homeowner triumphed over foreclosure

For Pamela Litzsey-Thomas, going into foreclosure on her Niagara Falls home was just another in a series of financial setbacks that included losing her job and getting inundated with medical bills after she was struck by a bus. “I just kept feeling like I was being slapped in the face,” she said. But Litzsey-Thomas refused […]

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Debt, the Racial Wealth Gap, and the Foreclosure Crisis

According to a recent New York Times op-ed, “Debt and the Racial Wealth Gap,” we as a country are facing the widest racial wealth gap since 1989. Today, the median wealth of white families is 13 times the median wealth of black families. In the op-ed, Paul Kiel of ProPublica examines the historical roots behind […]

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