Tuesday, June 19, 2012

$60 Million Dollars to be Distributed through Foreclosure Prevention Programs

Over the next three (3) years, the office of New York Attorney General Eric Schneiderman will spread out $60 million dollars to programs benefiting struggling New York homeowners facing foreclosure. The funds come by way of a settlement reached, as previously mentioned on this blog, between several major banks, the federal government and forty-nine (49) states over foreclosure abuses. The Homeowner Protection Program will use just under half of the $132 million dollar settlement received by New York State to fund housing counseling and legal services offered to distressed homeowners. This measure should ensure that homeowners in need of assistance have additional options available to them for the next three (3) years.