New state plan to help families prevent foreclosure

Faced with the persistent housing crisis in New York State, our Attorney General has begun to take steps in the right direction. New York State Attorney General Eric T. Schneiderman has announced his new plan, the New York State Mortgage Assistance Program (NYS MAP). This program is designed to make small loans available to families in order to prevent the foreclosure of their homes. Loans can be used for paying off mortgage payments or unpaid interests and fees, paying down second or third mortgages, satisfying tax liens, and many other anti-foreclosure measures. Consumers will be eligible to apply for up to $40,000 in loans per borrower. The Attorney General hopes to supply hundreds of loans over the course of the next year and half. Each one of these loans will effectively stop foreclosure for the borrower.

 In order to participate in NYS MAP, homeowners must contact an existing HOPP counselor or legal aid provider in order to complete the application. The NYS MAP will provide a safety net for those eligible, and enable hundreds of families to stay in their homes for years to come.

 For more information, and to be matched with a HOPP lawyer or counselor, visit www.nysmap.org, or contact the Attorney General’s hotline at 855-HOME-456.

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