PREVENTING
FORECLOSURE AND
KEEPING YOUR HOME
Steps to take when you can’t pay your mortgage.

Dear Friend,

For most, your home is your primary asset. Keeping it provides stability for your family, the neighborhood and community where you live. If you are struggling to keep your home, New York State has programs in place to help you prevent foreclosure.

This information will help protect you and your home during the subprime crisis New Yorkers are facing.

If you have any additional questions, please call my office and I will do all I can to help you.

Sincerely,
signature
Carmen E. Arroyo
Member of Assembly

384 East 149th Street, Suite 301
Bronx, NY 10455
718-292-2901

Room 734 LOB
Albany, NY 12248
518-455-5402

arroyoc@assembly.state.ny.us

Good news! New York State passed a law to deliver relief
to homeowners caught in the subprime lending crisis
The law helps current homeowners by:

The law also establishes protections for future homeowners by:

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If you fall behind on your payments or are in danger of falling behind, contact your lender immediately. The lender may consider the following remedies:

Home Equity Theft Scams

Always call your lender if you are having problems paying your mortgage. Say NO to deed scams:


Keep the Dream
mortgage refinancing program
The State of New York Mortgage Agency (SONYMA) designed this program to help eligible New York households with certain high-risk mortgages avoid possible foreclosure. The program provides struggling homeowners with affordable monthly payments for the full term of the mortgage – eliminating the threat of losing their homes. For more information, visit www.nyhomes.org or call 1-800-382-HOME.
Help with your mortgage payment


For advice on steps to take if you fall behind or are in danger of falling behind on your mortgage payments:

New York State Banking Department Consumer Help Line:

The Web site lists certified housing counselors.

The New York State Bar Association’s Lawyer Referral Program at 1-800-342-3661 can help.

For assistance in locating free legal or counseling services in your area, call the Banking Department’s Consumer Help Line or visit the Law Help Web site at www.lawhelp.org/ny/.

Never sign any paper, contract or agreement without fully understanding it.


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