BP Adams is hosting a free mortgage assistance program to combat spike in foreclosures.
Photo credit: The Real Deal

The program will provide free legal services for foreclosure intervention and prevention, and allow homeowners to meet with mortgage servicers to discuss other mortgage solutions.

Photo credit: The Real Deal

Brooklyn Borough President Eric L. Adams is hosting a mortgage assistance program in response to the spike in home foreclosures at Brooklyn Borough Hall on Thursday, July 19. According to the real estate website PropertyShark, 275 Brooklyn homes were scheduled for first-time auctions during the first three months of this year, which represented the highest quarterly figure ever recorded in the borough. The 11236 ZIP code, which covers portions of Canarsie and East Flatbush, experienced 45 foreclosures, the most out of any city ZIP code for that quarter.

“Homeownership is at the heart of the American Dream, and it helps form the foundation of strong communities in our borough,” said Borough President Adams. “For those of our neighbors who are fortunate enough to reach that dream amid rising costs and stagnating wages, they can see it slip through their fingers without the proper support. Brooklyn is stronger when we provide a helping hand to homeowners in need.”

Data from PropertyShark showed that the number of new foreclosure auctions in the borough jumped 16 percent year-to-date in 2018 compared to the same period last year. According to Adams, the increase in foreclosure auctions could be attributed to factors such as a more aggressive effort to reduce the backlog of court cases and a rise in property values.

Source: Property Shark

“The foreclosure crisis is not over and homeowners are still in danger of losing their homes,” said Tonya Ores, executive director of the Center for NYC Neighborhoods and Neighborhood Housing Services (NHS) of Brooklyn CDC, Inc. “The upcoming foreclosure resource event will allow homeowners to address their specific challenges and speak with their servicers.”

The free mortgage assistance program, conducted by the HOPE NOW Alliance in partnership with NHS of Brooklyn CDC, Inc., will give homeowners the opportunity to meet with mortgage servicers to discuss deed-in-lieu, forbearance, loan modification, short sales as well as other mortgage solutions. Information will be available on the New York State-Mortgage Assistance Program (NYS-MAP), which offers a zero percent interest mortgage loan up to $40,000 to eligible New York homeowners at risk of foreclosure. Additionally, the program will provide free legal services for foreclosure intervention and prevention.

“The upcoming event is a great opportunity to meet with housing professionals on solutions and next steps in the recovery process,” said Eric Selk, executive director of HOPE NOW Alliance.

The mortgage assistance program will take place on Thursday, July 19, from 2:00pm to 8:00pm, at Brooklyn Borough Hall, 209 Joralemon St, Brooklyn, NY 11201. Attendees are asked to register online at brooklyn-usa.org and should bring photo identification, their two most recent pay stubs, two most recent bank statements, mortgage statements, two years of tax returns and W-2 forms, information on their home insurance and property taxes, hardship letter, documentation of all income and most recent profit/loss statement, if self-employed.


Your contribution is appreciated.

Make a Donation

BK Reader is brought to you for free daily. Please consider supporting independent local news by making a donation here. Whether it is $1 or $100, no donation is too big or too small!

Share this story!

Share Tweet Print

Leave a comment

Your email address will not be published.