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 This material may not be published, broadcast, rewritten or redistributed.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 Weird

Why did the bear cross the road?

brownbear

A Polish brown bear went to great lengths for love.

in Music

This week’s top rock tracks

Zac Brown as Zac Brown Band performs during Music Midtown 2014 at Piedmont Park on Saturday, Sep. 20, 2014, in Atlanta.

LISTEN: This week's top rock songs, according to the latest Billboard chart.

in Entertainment, Sports, Viral Videos

WATCH: Getting married by The Rock

19-overlay7

It's normal to cry at weddings, but you'll laugh at this one too.

in Weird

Foiled by a hat

Police

A man evading police almost got away - if it wasn't for his lost hat.

in Trending, Viral Videos

TODAY’S MUST SEE: ‘Game of Thrones: The Musical’

15-overlay6

Coldplay teams up with the cast of "Game of Thrones" for a hilarious musical version of the hit HBO show to help raise money for Red Nose Day.