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.
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.
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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