Yesterday, the New York Attorney General, Eric Schneiderman, announced the New York State Mortgage Assistance Program to help homeowners avoid foreclosure. 

Long Island, with its beautiful, expensive real estate, was devastated by the economic crisis in 2008 and is still struggling to recover six years later. It currently has the highest rate of defaulted mortgage loans and some of the highest foreclosure rates in New York State. In order to speed up the recovery process, Mr. Schneiderman launched this program yesterday to help struggling homeowners borrow up to $40,000 to stave off foreclosure. This program will become effective in September and will be available to Long Island before the rest of New York State, using the money from the National Mortgage Settlement of 2013 to fund these loans.  Many homeowners have been denied for loan modifications in the past because they were unable to pay off their arrears or because there were liens against their property. These loans, which are interest-free and not due until the mortgage is paid off in full, will help struggling homeowners pay off the obstacles to their loan modification approval and allow them to keep their homes.

If you're thinking about landscaping your backyard, installing a wooden deck around your pool, or doing any other project that involves digging, remember to first call National Grid's 811 service. By calling this number, you confirm with National Grid that your digging will not interfere with power lines or pipe lines that are located close to the surface. 811 is a free service that helps keep you and your utilities safe and allows the area to enjoy its services uninterrupted.

Bank of America is under scrutiny by the United States Department of Justice for its unscrupulous financial practices. In order to prevent another economic collapse, the federal government believes that Bank of America, along with other large financial institutions, must be penalized for their actions.

Allegedly having handled shoddy and fraudulent loans, Bank of America is in negotiations to settle civil probes for 12 billion dollars. The amount of this settlement may go up, and if a deal is reached, at least $5 billion will go towards consumer relief by way of loan modifications with principal and monthly payment reductions and other forms of help for defaulted loans. This potential settlement, of course, is great news for the struggling homeowner and represents an enormous fine against the financial behemoth of Bank of America.

If a deal cannot be reached, the Justice Department will most likely proceed with a lawsuit against Bank of America for its fraudulent practices.

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