News

New York to increase aid for homeowners with mortgage trouble

New York to increase aid for homeowners with mortgage trouble

Photo: WHCU

New York’s attorney general says 9 percent of New York’s residential mortgages, representing nearly 225,000 families, are in distress, meaning at least 90 days delinquent.

More than 42,000 are a year behind.

Attorney General Eric Schneiderman says funding for a network of counselors and legal help for troubled homeowners will increase $10 million to $30 million for the year.

In 2011 when 345,000 New York families were facing foreclosure, he says half had never talked to a lawyer.

New York’s foreclosure rate remains 5.8 percent, nearly three times the national average, following the 2008 burst in the U.S. housing bubble.

One reason is New York’s foreclosure process — averaging 820 days — is nearly three times longer than the national average, partly due to homeowner rights to court-supervised mediation.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Recent Headlines

in Viral Videos

Car jumps open drawbridge

13-overlay1

Talk about distracted driving!

in Music

Breaking Benjamin lands first No. 1 album

14-overlay1

The new album is the group's first in six years and comes after five years of line-up changes.

in Music

Deadheads get nostalgic before final Grateful Dead shows

gratefuldead

After the death of lead guitarist Jerry Garcia in 1995, the surviving four members say they will end The Grateful Dead's 50-year run this weekend.

in Trending, Viral Videos

TODAY’S MUST SEE: What is 0 divided by 0?

10-overlay1

Whatever it is, it makes Cookie Monster sad.