NY Settlement Funds will assist in Foreclosure Prevention Actions.

by devteam March 30th, 2012 | Share

Approximatelyrn$15 million of the $132 million New York State will receive in the nationalrnmortgage servicing settlement will be used for foreclosure prevention andrnhousing support activities the state’s attorney general announced onrnWednesday.  Eric T. Schneiderman saidrnthat up to $9 million of the funds will be used to extend the state’srnForeclosure Prevention Services Program which was set to end this Sunday and anotherrn$6 million will support housing and community renewal activities throughrnnon-profit community housing organizations. rnSchneiderman had announced earlier that his office would fund anrnadditional $3 million in foreclosure prevention services from proceeds securedrnfrom two other settlements.</p<p"We have an obligation to providernassistance to the struggling homeowners across the state facing foreclosure,rnand this portion of the national mortgage settlement will ensure that familiesrnin New York State have the legal services they deserve to fight wrongfulrnforeclosures and protect themselves in court," said Attorney General Schneiderman. "Funding for legal services is anrnessential first step in bringing relief to the homeowners and communities thatrnhave been devastated by the crash of the housing market. As we continue torninvestigate the mortgage crisis that has impacted communities in every cornerrnof this state, we must ensure that justice and accountability prevail at everyrnstep of the way. I'd like to thank the Assembly, Senate and Governor forrnworking with our office to make this happen. "

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Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.

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