Strategic Default Monitor – How To Strategically Default

Thursday, May 26, 2016

NYS States Mortgage Assistance Program

NYS-MAP

The New York State Mortgage Assistance Program (NYS-MAP) provides home-saving loans to families who are at risk of foreclosure. By averting foreclosure, the program also protects surrounding property values and preserves neighborhood stability.

Program Overview

NYS-MAP is a foreclosure-prevention loan fund that helps homeowners who are unable to get assistance from other sources.

  • NYS-MAP funds can be used to bring a mortgage current, help get a modification, or pay off a mortgage completely.
  • NYS-MAP funds can also be used to pay off property tax arrears or other debts that could lead to foreclosure.
  • Eligible homeowners must have experienced a financial hardship and must demonstrate an ability to afford their housing payments after receiving NYS-MAP assistance.
  • Applicants for NYS-MAP loans must connect with a free counselor or lawyer in the Homeowner Protection Program (HOPP) network.
Call 855-HOME-456 or visit http://nysmap.org to get started today.

Impact




Ripple Effect



Loan Recipients




Recent News

Part of Goldman Sachs recent $5 billion mortgage settlement included $1.8 billion in consumer relief and a payout of $190 million to the state of New York.

New York Attorney General Eric Schneiderman announced on May 25, 2016, that the state plans to use $100 million from the settlement to expand the Mortgage Assistance Program.

Schneiderman's office said the $100 million expansion is expected to help more than 3,000 New York families avoid foreclosure and stay in their homes and they expect that it will also preserve an additional $722 million in property values for nearby homeowners, after accounting for administrative program costs.



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