Mortgage Lending & Foreclosure Prevention
Consumers are faced with a variety of decisions and
challenges when considering obtaining a mortgage to purchase a home or
refinancing their current mortgage. They are doubly pressed when life
circumstances cause them to go into default and when they are facing the
possibility of foreclosure and losing their home.
Empire Justice Center has been working for over
a decade to help assure that consumers have access to affordable, responsible
mortgages and that their rights are protected when in foreclosure. This section
of the website has information on state and federal laws to protect consumers
with respect to mortgages and foreclosures, Empire Justice Center reports on
mortgage lending and the foreclosure crisis, as well as resources to help
consumers in default or at risk of foreclosure.
Top Ten Ways The CFPB Can Help You With Financial Questions
The U.S. PIRG Education Fund has put together this great resource of how the CFPB can help you. It includes information on how to make complaints to the CFPB. Read More
A.G. Schneiderman To Sue Wells Fargo, Announces Groundbreaking Servicing Agreement With Bank Of America
NY Attorney General Eric Schneiderman enters settlement with Bank of America and files suit against Wells Fargo for failure to comply with the National Mortgage Servicing Settlement.
NY Senate gives final passage to foreclosure prevention bill
A bill to extend foreclosure prevention measures another five years won final legislative approval Tuesday. Read More
Many New Yorkers living in foreclosure limbo
Tens of thousands of neighbors in the five boros and Long Island are living year-to-year as a shadow class of struggling homeowners mired in mortgages with no completed foreclosure, no expectation of making payments on the loan and no other alternative to get out from under the bad debt. Read More
A.G. Schneiderman Announces National Multi-Billion Dollar Settlement With Mortgage Servicing Giant OCWEN Financial Services
Attorney General Eric T. Schneiderman today announced a settlement with mortgage servicing giant Ocwen Financial Services over alleged improprieties by the company and its subsidiaries related to mortgage servicing and foreclosure practices. Read More
NYRL Memo of Support: Require that Vacant and Abandoned Properties be Maintained
NYRL strongly supports A.9341/S.7350, which requires mortgagees and their loan servicing agents to maintain vacant and abandoned properties from the point in time that it is discovered that the property is vacant and abandoned. Read More
Empire Justice Memo of Support: Protect the Homes of Welfare Recipients
New York is one of only two states in the nation that takes deeds and mortgages against the homes of welfare recipients to recover the public assistance paid to these homeowners. Read More
Don’t Lien on Me: How New York’s Public Assistance Mortgages Undermine Homeownership and Financial Stability
This report provides an comprehensive analysis of New York’s use of Social Services Law §106, which allows Social Services Districts to recover public assistance paid to individuals who own their own homes, by taking a mortgage against the recipient’s property. The report also chronicles the legal background of the practice, the interplay between this policy and the push for foreclosure prevention, the need for detailed record keeping, and makes recommendations to ensure that debt is recovered against these mortgages only in the appropriate situations and for the correct amount. Read More
The Long Island Foreclosure Crisis: Stabilizing the communities most impacted by foreclosures in Nassau and Suffolk Counties
Study identifies hardest hit towns and strategies to keep families in their homes and limit damage to the local tax base. Read More
Top Ten Ways The CFPB Can Help You With Financial Questions :
The U.S. PIRG Education Fund has put together this great resource of how the CFPB can help you. It includes information on how to make complaints to the CFPB.
Tenants in Foreclosed Properties: What You Need to Know :
In New York, tenants have protections during and after a foreclosure. Read more to find out…
User-Friendly Access to Data on Mortgage Lending :
The Consumer Financial Protection Bureau recently launched a new page on its website where the public can quickly access information on mortgage lending in their community. This data is provided via the Home Mortgage Disclosure Act and is often called HMDA data.
Consumers Can Register Complaints with the CFPB :
Any consumer with a complaint involving a mortgage, a student loan, a credit card, a bank account, a car loan, a money transfer or a credit report, can register a complaint with the Consumer Financial Protection Bureau. Debt collection issues and payday loans will be added soon.
New York's Foreclosure Process: From Standing to Settlement Conferences and Everything in Between
This presentation discusses and presents solutions to the procedural and substantive challenges in New York's Foreclosure Settlement Conference Process and updates practitioners on laws and regulations, legal issues, government programs, and resources to help homeowners facing foreclosure. Read More
Representing Homeowners at Mandatory Settlement Conferences
Mandatory settlement conferences are now an integral component to the foreclosure process for subprime loans. The governor has signed a new law that expands the settlement conferences to all residential loans. Pro Bono lawyers have been approved to represent homeowners for the limited capacity of these settlement conferences. This training addresses important considerations for lawyers willing to represent homeowners in this capacity. Read More
New Approaches to Stabilizing Homeowners and Communities in Western NY
This taped broadcast is geared towards housing counselors, legal services organizations, lenders, public officials, community-based organizations, and anyone who is concerned with the impact of the foreclosure crisis on homeowners and neighborhoods in the western part of the State. Discussion topics include information about housing counseling standards, specialized foreclosure trainings, State programs addressing the foreclosure issue, and successful approaches to reducing foreclosures, among other topics. Read More