NY Governor Looking to Expand Protections for Defaulting HomeOwners, Tenants

I find it utterly amazing that Patterson credits New York's 23% decrease in foreclosures in 1st Quarter 2009 as compared to 1st Quarter 2008 (compared to a 24% increase nationally) to his New York Foreclosure Prevention & Lender Responsibility Act of 2008 where the credit should lie in New Yorkers' steadfast resolve to be represented by attorneys for the biggest transactions of their lives.

While politicians continue to churn out legislation after legislation eliminating borrower choice, capitalism and so forth, perhaps the Department of Justice's position that lawyers create an unfair monopoly in the area of real estate closings should be revisited as the lawyers are the only ones out there who can preserve our freedom to choose and protect the average American from being misled into a toxic mortgage. 

New York Governor Wants Stronger Mortgage Protections
Carrie Bay | 06.15.09

New York Gov. David A. Paterson has proposed legislation that would build upon the state's subprime lending reform law enacted last year. The measure centers on providing additional protections for homeowners and tenants, establishing safeguards against foreclosure rescue scams, and preventing urban blight caused by foreclosed homes.According to Paterson, more needs to be done to prevent predatory lenders from taking advantage of New Yorkers. He also says lawmakers can no longer allow tenants who live in foreclosed properties to find their leases terminated without reasonable notice, nor can they let struggling homeowners who are looking for help lose their homes to loan modification scams.

For more please read: DSNews.Com Default Servicing In Print and Online - Formerly REO Magazine

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Tags: loanmodification, subprimemortgage, foreclosure, tenants, wallstreet, realestate

Comments

[John]

I think that home foreclosures are getting out of control across the nation. I also do not feel that the banks are providing the help that they are suppose to be. The government has issued banks a huge bail out to prevent these foreclosures and I just feel like the banks are almost more stingy with their money now.

People need to start being aware of alternatives to foreclosures and dealing with their bank. There are several alternatives to get a good loan modification to lower your monthly payment. I would suggest going through a company that has an on staff attorney who is experienced in the field of loan modifications. There are also many online sites that can help lower your monthly payment and help you prevent a foreclosure. My friend just went through www.Carrotpeel.com for his loan modification and he thought it was excellent service and results.

Whatever you choose to do make sure they are helping you prevent foreclosure and that they are helping you personally.
Good Luck, John

[Tax Lien]

lawyers are the only ones out there who can preserve our freedom to choose and protect the average American from being misled into a toxic mortgage.

From your mouth to God's ear. Someone needs to step up an offer some sanity to freedom's sigh.