Oct 24, 2007 5:59 pm US/Eastern
Nationwide Foreclosure Filings Up 99 Percent
NYC 2007 Filings To Double From Two Years Ago
CBS 2's Elizabeth Hur
NEW YORK (CBS) ―
A figure recently released by an online market place is startling. Since last September foreclosure filings went up ninety-nine percent nationwide. It's a beautiful redbrick house in Brooklyn, and Ray Dawkins became the proud owner ten years ago. "It felt good, like I accomplished something. It was a dream come true," said Dawkins. But this "dream" is about to turn into a nightmare. Now that Dawkins' mortgage is increasing 600-dollars a month, and his lender is unwilling to negotiate, he can no longer afford his home. It turns out, with the current national trend, Dawkins isn't alone. NYC comptroller, William Thompson, gives CBS 2 some startling statistics. "New York City will experience roughly 15,000 foreclosures filings this year, more than double the total two years ago. Unfortunately, far too often, lenders are being irresponsible," said Thompson. Some lenders are getting the message and taking action. Tuesday, Countrywide National, the largest mortgage lender in the country, announced it would offer tailored solutions to its at-risk borrowers. But some say, that move is too little too late. "From what we have seen, this is a glorified payment plan. It's a very complicated razzle/dazzle. We're saying, let's be simple," said Bertha Lewis of A.C.O.R.N. Lewis, who's with the Association of Community Organizations for Reform Now, created a three step initiative with the New York State and city comptrollers. Together, they are calling on lenders and servicers to: -Engage in aggressive outreach. -Implement an affordability assessment. -Emphasize long-term solutions. "We believe these jointly developed principles are crucial steps that will enable both lenders and borrowers to weather the current storm in the credit markets," said Thomas Dinapoli, a NYS comptroller. In addition, for homeowners at risk, officials say a statewide financial education program is in the works. The city also has a help line up and running. All options heavily favored by Dawkins, who adamantly plans on saving his home, somehow. NYC Comptroller's Office Website: http://www.comptroller.nyc.gov Foreclosure Prevention Helpline & Fraud/Waste Hotline: (212) 669-4600 A.C.O.R.N. Website: http://acorn.org/index.php?id=1600
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