 Foreclosure Relief For New Yorkers
A nice woman named Stephanie who is also a Certified HUD Housing Counselor brought this to my attention on my blog.
This is a quote from Governor of New York, Eliot Spitzer's website. It's a press release and you can read the full story [URL="http://www.ny.gov/governor/press/0727071.html"][COLOR=#000000]here[/COLOR][/URL].
[quote]
[B][B]"Keep the Dream" Refinancing Program"[/B] [/B]
[B][I]"The "Keep the Dream" refinancing program is designed for borrowers who have adjustable or interest-only mortgages where the interest rate has just increased or will increase in the near future. Eligible borrowers will have to demonstrate that they have experienced a mortgage payment hardship or will experience a hardship in the near future. Borrowers who are less than 60 days behind on their mortgage payments because of a payment increase may also be eligible for the program. [/I][/B]
[B][I]Refinancing loans can be as high as $417,000. Financing will be available for up to 100% of the value of the borrower's property. Proceeds of the mortgage can be used to pay prepayment penalties, closing costs and pay off most second mortgages. [/I][/B]
[B][I]"Keep the Dream" is targeted for low-, moderate- and middle-income homeowners. Eligible borrowers can have incomes of up to 165% of the area median income in New York City, Long Island and the counties of Dutchess, Orange, Ulster, Westchester, Rockland and Putnam, and up to 125% of the area median income for the remainder of New York State. [/I][/B]
[B][I]These income ceilings will range from $58,120 in Allegany County to $82,870 in Albany County to $93,720 in New York City to $158,560 in Rockland County. Lenders in New York State will begin to offer SONYMA's "Keep the Dream" mortgages starting September 4, 2007. "[/I][/B]
[/quote]
This is great news for New Yorkers who are trying to [URL="http://www.loanworkout.org/"][COLOR=#000000]avoid foreclosure[/COLOR][/URL]. Hopefully more states will follow in Governor Spitzer's foot steps. | 
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