The banking regulators of New York and other states have launched public service advertisements to encourage troubled homeowners to talk with their mortgage lenders, loan servicers or mortgage counselors to
avoid foreclosure.
The ads urge borrowers to go to the web site of New York's state Banking Department to look at a list of government agencies, organizations and housing counselors that can help them. According to Richard H. Neiman, superintendent of banks for the state of New York, borrowers who have been delayed in their monthly payments need to contact their lenders as early as possible to avoid foreclosure.
New York foreclosures have increased from 39,000 in 2007 to 57,000 in 2008. But the state's
foreclosure rate is better than the rates of other states and the nation. According to housing research company RealtyTrac, New York ranked 37th among U.S. states in total foreclosures. The highest number of foreclosures occurred in Queens and Brooklyn, which together account for 25 percent of
New York foreclosures.
The state of New York has undertaken other efforts to reduce the state's number of
foreclosed homes. They include the following:
- The Halt Abusive Lending Transactions Task Force: This consists of state agencies that hold meetings to brainstorm foreclosure prevention strategies.
- Operation: Protect Your Home: The task force launched sessions that brought together lenders and borrowers to work out loan modifications.
- State of New York Mortgage Agency's financial aid to 20 nonprofit housing counseling agencies.
- Division of Housing and Community Renewal: This division provided almost $19 million to fund foreclosure prevention efforts in 56 counties.
- New York Banking Department's Mortgage Fraud Unit: This works with 250 law enforcement officers to investigate usurious lending.
- New York's cooperation with ten other states: The state has agreed with other states to monitor the loan modification initiatives by mortgage servicers.
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