Homeowners can have liens placed on their property from city debts, most commonly unpaid property taxes and water and sewer charges. NYC periodically sells unpaid debts to private bidders, who can then add high fees and interest to the amount owed and bring a suit for foreclosure based on the higher amount. Before the lien […]
Deficiency Judgments After a foreclosure, the lender may be entitled to a deficiency judgment for the difference between the amount owed on the mortgage and the value of the home. In New York, a lender seeking a default judgment must apply for one before the close of the case. It is important that homeowners talk […]
A Home Equity Conversion Mortgage (HECM), commonly known as a reverse mortgage, is a combination financial and actuarial product that allows the homeowner to borrow money with a mortgage that does not come due until the homeowner passes away, sells the property, or defaults on paying property charges (property taxes, homeowner’s insurance, water, etc.). If […]
The most straightforward way to determine whether a loan is an FHA-insured loan is to look at the mortgage, which is available online in ACRIS or the County Clerk’s office. FHA loans have an FHA case number in the top-right corner of the mortgage. Another way is to look at the mortgage statement and see […]
A forbearance plan is a temporary solution where monthly mortgage payments are reduced or suspended for a short period of time. A forbearance plan is useful at the beginning of a short-term hardship because it gives the borrower time to adjust to the hardship before fees and costs accrue. A forbearance plan does not, however, […]
For many homeowners who have fallen behind on their mortgages, broader financial issues are at the root of their housing crises. Some have experienced job loss, illness, divorce, or another “shock” that made their mortgage unaffordable. Others may need training and help to manage their finances. The goal of the Center’s Homeowner Financial Toolkit is […]
Data is essential to understanding the state of affordable homeownership in New York. We use data visualizations, maps, and more to identify and assess existing and emerging neighborhood needs and to create innovative programs to help middle- and working-class homeowners. Are you a reporter working on a story or a policymaker who needs help understanding […]
From New York to California, communities struggling with a shortage of affordable housing are giving renewed attention to a model of housing preservation that ensures home prices and rents stay within reach for low-income households. That’s why more and more cities are turning to community land trusts. In the community land trust model, a nonprofit […]
City Council Member Rafael Espinal Jr. (D-Bushwick, East New York) along with the City’s Department of Housing and Preservation Development (HPD) Commissioner Maria Torres-Springer today will officially launch the East New York Homeowner Help Desk at a Homeowner Forum & Resource Fair. The Homeowner Help Desk is a vital resource Espinal secured as part of the […]
East New York and Cypress Hills are in the midst of major changes, from gentrification to the 2016 rezoning that has the potential to change the area forever. Cypress Hills Community Development Corp. seeks to maintain affordable housing in the area by helping low income and elderly homeowners stay in their homes and not fall […]
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