New Program Announced to Help New York Homeowners Prevent Foreclosure

New York–A new program unveiled Wednesday by New York’s chief judge could help save homes about to fall into foreclosure in the state, the New York Times reports. Under the plan, a new section of the court would be created to help lenders and borrowers reach a settlement more quickly. Foreclosure notification times would drastically…

New York–A new program unveiled Wednesday by New York’s chief judge could help save homes about to fall into foreclosure in the state, the New York Times reports. Under the plan, a new section of the court would be created to help lenders and borrowers reach a settlement more quickly. Foreclosure notification times would drastically increase, giving homeowners more warning their homes were in danger.Homeowners also would receive contact information for legal and foreclosure counselors and would be asked to appear in court for a settlement conference, the Times said.However, the program’s effectiveness will rely heavily on lender participation. Certain portions–such as the settlement conference–would be voluntary. Lenders also would retain the right to foreclose on properties. A pilot version of the program is set to begin this summer in Queens, according to the Times.