Free Mortgage Assistance Program
For Concerned Brooklyn’ites
In response to spike in home foreclosures, BP Adams invites concerned Brooklynites to free mortgage assistance program
BROOKLYN, NY – Brooklyn Borough President Eric L. Adams encourages Brooklynites concerned with their mortgage to attend a free assistance program he is hosting at Brooklyn Borough Hall in response to a recent spike in home foreclosures; according to data from real estate website PropertyShark, the number of new foreclosure auctions in the borough jumped 16 percent year-to-date in 2018 compared to the same period last year. Authorities have attributed the increase in foreclosure auctions to factors such as a more aggressive effort to reduce the backlog of court cases and a rise in property values. The free mortgage assistance program, which is being held by Borough President Adams and HOPE NOW Alliance in partnership with Center for NYC Neighborhoods and Neighborhood Housing Services (NHS) of Brooklyn CDC, Inc., will be held on Thursday, July 19th from 2:00 PM to 8:00 PM. Borough President Adams spoke about the importance of combating threats to sustainable homeownership in Brooklyn, a borough that was deeply impacted by foreclosures experienced during the Great Recession.
“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.”
“HOPE NOW looks forward to helping the families of New York avoid foreclosure,” said Eric Selk, executive director of HOPE NOW Alliance. “The upcoming event is a great opportunity to meet with housing professionals on solutions and next steps in the recovery process. The HOPE NOW event is all about housing solutions. We’d like to thank Borough President Adams for his leadership and ongoing commitment to home preservation.”
The free mortgage assistance program will allow homeowners to meet with mortgage servicers face to face in order to discuss deed-in-lieu, forbearance, loan modification, and short sales, as well as other mortgage solutions. Information will be available on the New York State-Mortgage Assistance Program (NYS-MAP), which provides a zero percent interest mortgage loan up to $40,000 to eligible New York homeowners at risk of foreclosure. Additionally, the program will offer free comprehensive counseling from local housing counseling agencies approved by the United States Department of Housing and Urban Development (HUD) as well as free legal services on foreclosure intervention and prevention.
“This is a terrific opportunity for homeowners to meet directly with housing counselors, legal service providers, and representatives of mortgage servicing companies,” said Christie Peale, CEO and executive director of the Center for NYC Neighborhoods. “We’re grateful to Borough President Adams for hosting this important event, and for supporting affordable homeownership in Brooklyn. We look forward to working with our partners at the HOPE NOW event to help families resolve issues with their mortgage payments and to stave off foreclosure.”
“I commend Borough President Adams for recognizing that the foreclosure crisis is not over and that homeowners are still in danger of losing their homes,” said Tonya Ores, executive director of NHS of Brooklyn CDC, Inc. “The upcoming foreclosure resource event will allow homeowners to address their specific challenges and speak with their servicers. We’re super excited about the partnership and look forward to an impactful day!”
Data from PropertyShark showed 275 Brooklyn homes 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 such cases itself, the most out of any city ZIP code for that quarter.
“It is very important to have access to pertinent information when making financial decisions, especially around the rights and responsibilities of homeownership,” said State Senator Roxanne Persaud. “Lacking pertinent information can lead to serious consequences like foreclosure. I am pleased to partner with Borough President Adams to help families in Brooklyn.”
“I am honored to be part of Borough President Adams’ initiative of educating Brooklyn homeowners on how to deal with unfavorable financial conditions and mortgage payments,” said Assembly Member Jaime Williams. “It is an imperative issue that requires careful scrutiny, and working together I am confident we can assist the residents of Brooklyn and the 59th Assembly District.”
“I am pleased to join Borough President Adams and my colleagues in government in offering this free mortgage assistance program,” said Council Member Alan Maisel. “This is a great opportunity for homeowners who are struggling to pay their mortgage or may already be in the process of foreclosure to get invaluable free assistance from experts in the field. As the representative for one of the hardest-hit communities facing foreclosure, I applaud Borough President Adams for his foresight and leadership in addressing this problem.”
“CB 18 applauds this much-needed free mortgage assistance program,” said Dorothy Turano, district manager for Brooklyn Community Board 18 (CB 18). “Brooklyn has some of the highest foreclosure rates in the city, specifically in the Canarsie and Flatlands areas. This program aligns with Borough President Adams’ message about keeping our neighbors in their neighborhood.”
Attendees to the free mortgage assistance program, who can register online at brooklyn-usa.org, are asked to 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). Borough President Adams also noted that his free legal services clinic regularly provides support on foreclosure intervention and prevention matters on the second Wednesday of every month from 2:00 PM to 5:00 PM at Brooklyn Borough Hall, in partnership with the Brooklyn Bar Association Volunteer Lawyers Project. Those interested in making an appointment for this service, or any of the others the clinic offers, are asked to call (718) 802-3777.