New York homeowners will be able to have their loans reviewed by bank and mortgage servicing company representatives as part of the ‘Operation Protect Your Home’ series of forums organized by the New York State Senate Democratic Conference, the New York State Banking Department and lending institutions. The events, which begin Feb. 23, are intended to assist borrowers who may be struggling to make mortgage payments or who are at risk of defaulting on their mortgage.
‘While we work inside the Legislature to close the loopholes that allowed unscrupulous lenders to put these families on the verge of losing their homes, democratic state senators are committed to working outside the chamber with key players in the financial industry to avoid further harm to working families affected by the subprime lending crisis,’ says Senate Democratic Leader Malcolm Smith, D-St. Albans. ‘It is our hope that these workshops will provide families with enough help and information to get back on solid footing to keep their homes.’
More than 20,000 letters have been sent to homeowners at risk of foreclosure, inviting them to participate in a forum in their respective boroughs. The letter is signed by their democratic senators and Banking Department Superintendent Richard H. Neiman.
‘These forums complement the ongoing multi-state initiative that encourages a more systemic approach to loan modifications and calls on servicers to provide data to support the stated impact of their modification efforts,’ Neiman notes.
At the workshops, mortgage lenders and counselors will work with individual borrowers on identifying potential ways of preventing unnecessary foreclosures. The meetings are free and open to the public. However, invited borrowers whose mortgages are scheduled to reset or borrowers who are already late in their mortgage payments will have priority.
Participating lenders include Carrington Mortgage Services, Chase, Citigroup, EMC Mortgages, Home Loan Services, Home Eq, HSBC Finance, Litton Loans, Ocwen Financial, Option One Mortgages, GMAC, Saxon, Washington Mutual, Wells Fargo and Wilshire. Additional lenders have been contacted and may participate.
The list of counseling institutions participating includes Neighborhood Housing Services, NeighborWorks, Neighborhood Economic Development Advocacy Project, ACORN, Hope Alliance, the NYC Commission on Human Rights and other local counseling agencies. In addition, representatives from Legal Services and other legal organizations will be present.
‘Operation Protect Your Home’ is co-sponsored by Sen. Charles Schumer, D-New York, New York State Comptroller Thomas DiNapoli, New York City Comptroller William Thompson, New York City Council Speaker Christine Quinn, the Black, Puerto Rican and Hispanic Legislative Caucus Inc., and the NAACP National.