1

New York Officials Hope New Foreclosure Buyback Program Will Help Struggling Families

real estate contractToday, one out of every 200 homes is foreclosed upon. Despite that being much better than the one in 96 foreclosures in 2013, that’s still a significantly high number and is an issue across the country.

According to New York Daily News, Council members in Queens recently unveiled a City Restoration Program called theForeclosure Buyback Program. Although it’s the first program of its kind, other cities across the nation are paying attention to see if a program like that could work in their communities.

The new initiative will enable nonprofit organizations to purchase real estate contracts containing distressed mortgages throughout New York City.

These “zombie homes,” where residents leave after receiving a notice of foreclosure, are scattered throughout New York City. Over 40 of these vacant properties are going to be involved with the program and will be sold to nonprofits through the Federal Housing Association (FHA).

Once the nonprofits are in possession of the real estate contracts, they will work with struggling families to restructure their mortgages and assist them in any way to regain their lost homes.

“Communities are redlined,” said Councilman I. Daneek Miller. “You can’t go through a traditional bank to get a traditional mortgage, and then we become very vulnerable and susceptible to predatory lenders.”

Many council members believe that these vacant foreclosed homes have a negative effect on the entire community, hurt the overall quality of life, and look bad to outsiders. Even worse, zombie homes are just dangerous.

“Crime is happening in these homes,” said Councilman Donovan Richards, “There are drug dealers in these homes.”

Working with families to get back on top of their mortgages will be a difficult task for these nonprofits, but there is plenty of optimism surrounding the program.

“With programs like these,” Miller added, “you’re going to see a major change in housing.”

If you’re in the market for a new home, it’s important that you consult with an experienced and professional real estate lawyer. Don’t panic once you’ve entered into the purchasing part of the real estate contract, but make sure the contract specifies a closing date. The average wait time is between four and ten weeks to close.

1 Comment

One thought on “New York Officials Hope New Foreclosure Buyback Program Will Help Struggling Families
  1. gay dating saigon

    New York Officials Hope New Foreclosure Buyback Program Will Help Struggling Families – DLG Law Group

Leave a Reply