New York City’s Answer for Troubled Homeowners Facing Foreclosure

A few days ago we reported on Massachusetts’ move to force bankers to give troubled homeowners two more months grace time. It was designed to keep people out of foreclosure.

I didn’t think it was a good idea. And I certainly don’t believe other states should copy this example.

Pit bullA few days ago we reported on Massachusetts’ move to force bankers to give troubled homeowners two more months grace time.  It was designed to keep people out of [tag-self]foreclosure[/tag-self].

 

I didn’t think it was a good idea.  And I  certainly don’t believe other states should copy this example.

 

But New York City Comptroller  Bill Thompson has a much more reasonable solution to the problem. 

 

He has set up a hotline for homeowners in his area who are facing [tag-tec]foreclosure[/tag-tec].  They can get answers and counseling.  Some will be sent to community organizations who may be able to assist in helping for some [tag-ice]mortgage[/tag-ice] payments. 

 

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Here is another article about a voluntary program adopted by  several major companies in the mortgage business.  Do they see the hand writing on the wall?

Borrowers in Trouble May Get Some Relief

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