New York Foreclosure Help Not Forthcoming For The Majority Of Homeowners
April 27, 2008
A recently released study discovered 70 percent of homeowners two months behind on their mortgages are not getting the assistance they should.
The study released by the State Foreclosure Prevention Working Group, shows that only one in three homeowners were able to complete a workout scheme within 45 days.
The study looked at delinquent mortgages from 13 of the 20 top mortgage service providers from October to January, and comprised 58 percent of all subprime mortgage loans serviced.
Although the loan providers have revised their loan terms from the traditional forbearance and repayment schemes, critics claim that the bent remains on getting payments in the door rather than helping people who genuinely need the assistance.
The SFPWG is composed of 11 state Attorney Generals, two state banking departments and the Conference of State Bank Supervisors.
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