Is COVID-19 Putting Your Home at Risk? The state has millions of dollars to help

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ALBANY, NY (WIVB) – For homeowners unable to keep up with their mortgages, property taxes or even user fees, judgment day is near. The New York foreclosure moratorium expires next month, and if they don’t act, their part of the American Dream could turn into a nightmare.

As of Jan. 15, the New York City foreclosure moratorium will end, banks will be free to take over overdue mortgages, leaving homeowners and their families with the real possibility of losing their greatest asset – theirs. House. But the state intervenes, in an important way.

“The money was there and New York State is the first in the country to be approved for it,” Governor Kathy Hochul said.

New York, the first US state to gain approval from a Homeowners Assistance Fund, over half a billion dollars to help homeowners stay in their homes

“These are for homeowners who are on a forbearance plan, who have fallen behind on their mortgages,” Hochul added. “Likewise, those who were not offered forbearance were simply told that they were losing their homes. “

And Hochul says the Homeowner Assistance Program covers mortgages and property tax arrears.

“Manufactured home owners can use that money for the rent of a lot or for their retail contracts if they are behind on those payments,” said Amy Gathings, an attorney at the Western New York Law Center. “Homeowners who have condominium fees or homeowners association fees that can lead to foreclosure can also use that money. “

The legal center offers to help homeowners in these difficult times. Gathings told News 4, according to census figures, that mortgage delinquencies are increasing to a very high level.

“This program, the timing is really important so that homeowners can seek help as soon as possible and try to avoid and file a foreclosure,” she said.

Homeowners can claim $ 50,000 to keep their home, but the program is income-based. Household income cannot exceed $ 79,900. The Western New York Law Center is also hosting a virtual briefing at 6:30 p.m. Monday. For details, call the office at (716) 855-0203, ext 107.

Al Vaughters is an award-winning investigative journalist who has been on the News 4 team since 1994. See more of his work here. To submit a Call 4 action, click here.


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