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New York Government Mortgage Help Programs
Nowadays, most Americans are having difficulty in making mortgage loan payments. Hence, loss of homes to foreclosure has become a common issue. Another reason for this is the downfall of the economy. Fortunately, the government has come up with a solution in the form of the home loan modification program. The state of New York has programs that work with or work in conjunction to the federal government’s mortgage assistance.
A new bill has recently been passed in the State Legislature allowing prime mortgage borrowers to get foreclosure help from the New York Government. In addition to that, prime mortgage borrowers will be eligible for protection against foreclosure. Once the bill has been signed by Gov. David A. Paterson, the law will be effective and that should happen within the next two months. The New York government mortgage help programs have given hope to those struggling families who are facing a financial crisis and yet, want to keep their homes.
The basic function of the New York government mortgage program is to protect the homes and properties of families from foreclosures. Normally, when an individual fails to make her or his monthly mortgage payments, the individual’s property is forcefully taken away by the bank and usually sold off to someone else. However, this does not benefit either of the parties since there is a loss for the bank because of inconsistent payment while the individual concerned loses his or her property. Therefore, it is not practical.
The government mortgage help program aims to make the ownership of homes affordable, simpler and more accessible for the people. This is done by combining incentives for lenders with government subsidies. By doing so, the lenders are encouraged to assist people in finding better rates, thereby, making the monthly payments more reasonable and affordable. This in turns leads to the lowering of interest rates and principal amounts and is, therefore, beneficial to both parties concerned. There is adequate cash flow for services and lenders while homeowners face no problems in keeping their houses.
The lenders are provided with incentives so as to encourage them to make changes or modifications to the home loans and also, matching the 31% of the individual’s gross income per month. This mortgage help program on behalf of the government has given hope to the government officials that not only will millions of foreclosures be stopped but it will benefit the economy. Thus, the program is profitable to lenders, borrowers and the citizens of New York.
This program is available to those people who meet the following Mortgage Requirements:
• If the person’s home is the primary residence
• If the person owes $729,750 or less on mortgage
• If the mortgage was made before January 1, 2009
• If there was any problem in making the monthly payments
To apply for this program, one must get in touch with local lenders to seek their assistance, by searching local newspapers and online sites. Secondly, one must answer a number of questions regarding their qualifications.
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