Foreclosure Prevention Assistance
According to Joy McDuffie, Foreclosure Prevention Specialist at the WNY Law Center, don’t believe everything you hear about foreclosures in Buffalo – they’re still a real problem. McDuffie says many think that Buffalo didn’t get hit hard by the sub prime lending market collapse, but that it just isn’t true.
“We’re really trying to help because Buffalo definitely has a foreclosure problem, but there are things that homeowners can do. We actually have a $700,000 two-year grant to do this effort from the NYS Division of Housing and Community Renewal,” says McDuffie. That effort comes in the form of a program called “Foreclosure Prevention Assistance,” which is meant to help those with sub prime mortgages who are in some state of crisis.
Though sub prime mortgages are they main target, McDuffie says they will help anyone. “Any other clients we get that have other problems we will send to other agencies who deal with traditional mortgages,” explains McDuffie.
The grant was given after a law became active on September 1st. The law now requires lenders to give borrowers a mandatory settlement conference within 60 days after they file a lis penden with the county clerk. McDuffie says that a huge problem comes when the borrower receives the lis penden. They assume it means there is no hope and they abandon the property and then are later shocked when Judge Nowak gives out a notice saying that they are still the owner.
McDuffie says that they can go to the WNY Law Center or HomeFront, Inc. and get help. “Sometimes they don’t even have to go through the legal process,” she says. McDuffie went on to say that before you default on a mortgage and receive a lis penden, even if you are just late in your payments, you should go and seek out help as they can help steer you towards avenues that will help you keep your home.
To help people learn about the program, HomeFront, Inc. along with the WNY Law Center will be presenting information in their first of many outreach events at the Masten District Breakfast at the Delavan-Grider Center, 877 East Delavan Avenue, on Saturday, September 13th at 8:30 AM. HomeFront, Inc. will provide default counselors to assist borrowers and in cases that cannot be resolved through that effort, the WNY Law Center will represent the borrowers in mandatory court settlement conferences.
The WNY Law Center is working alongside HomeFront, Inc as well as The Legal Aid Bureau of Buffalo; Legal Services for the Elderly, Disabled, or Disadvantaged of WNY; Neighborhood Legal Services; and the Buffalo Urban League to bring this service to the community. Attorney David Derrico will be on hand that Saturday to present information and everyone is invited to attend.
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pegger
Tall order for such little money.
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blackrocklifer
This problem is not going to be fixed, subprime mortgages were driven mainly by greed. The loan officers made their commissions granting mortgages to unqualified buyers and now taxpayers will foot the bill.
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Quijibo
I agree with blackrocklifer, the greedy mortgage companies have caused these problems yet they expect the government to clean it up. Greedy mortgage compnies and banks forced unreasonable loans on people knowing that there was a strong chance that they would end in foreclosures. Why aren't we forcing the mortgage companies to clean up their own mess by renegotiating unreasonable loans at a cost to the mortgage company, not the homeowner. A homeowner shouldn't have to worry about being left homeless because of greed.
Most homeowners who are affected by this crisis are common people. They are not lawyers or accountants and don't understand the language and the risks. The banks and mortgage companies have lawyers write documents to their favor, not the homeowner. We can't expect homeowners to be left holding the bag for the greed of the banks, it wasn't the homeowner's fault that the mortgage companies are greedy. It isn't the homeowner's fault that they trust the offer made by the mortgage company. It isn't the homeowner's fault that they cannot pay balloon payments that they did not understand. So why should the homeowner have to suffer at the hands of another greedy corporation?
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blackrocklifer
Forgot to mention the inflated appraisals that the banks not only accepted but encouraged.
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scottnorwood
Of course, all the people who signed on the dotted line knowing that they were purchasing a house that was WAY to expensive are let off the hook.
The decay of this country is in our complete inability to accept any kind of responsibility for anything. Make a bad buy, just call the bankers and the mortgage companies greedy and you don't have to feel bad. Pathetic.
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blackrocklifer
The decay of this country is caused by corporate America NEVER taking responsibility for anything and sticking it to the taxpayers again and again. YES PATHETIC
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pegger
How dare they make the risky loans to make a fortune without taking the losses? Let the banks eat it! Not me and you AKA the taxpayers. Let the shareholders take the losses. This is corporate welfare, not the capitalism they claim to espouse.
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