City Offers Foreclosure Help
BY RICHARD GENTILVISO

The number of homeowners faced with foreclosure in Queens rose 59 percent in 2007 compared with the year before. That's 11,000 families facing eviction. Citywide, there are a reported 27,000 homeowners involved in foreclosure proceedings. Nationally, an astonishing one million families could lose their homes this year.

New York City Comptroller William Thompson Jr. has instituted a Foreclosure Prevention Helpline at 212-669-4600, in operation weekdays between 9 a.m. and 5 p.m., that can help homeowners avoid foreclosure. Inez Figueroa, a community associate for Comptroller Thompson's Community Action Center, said 43 percent of all calls to the helpline are from Queens.

Homeowners with adjustable rate mortgages (ARM) are typically at the greatest risk. "At some point, it's (ARM) going to increase and cause their financial situation to become difficult," Figueroa said at the February meeting of Community Board 1.

By calling the helpline, homeowners are directed to U.S. Housing Development (HUD)-approved housing counseling agencies for help. "People want to be able to save their home," said Figueroa. "We refer them to appropriate HUD attorneys in order to assist them in avoiding foreclosure."

More than half of homeowners delinquent on their mortgages said they didn't know lenders could help them avoid foreclosure, according to a survey reported by Reuters on January 31.

Figueroa urged homeowners to know their mortgage rights. The Comptroller's office recommends that you find and read your loan documents so you know what your lender may do if you cannot make your payments. You should also learn about the foreclosure laws in your state.

"Predatory lending", said Figueroa, is when a homeowner enters into a mortgage that isn't based on their ability to afford it. Many times the mortgages are not primary loans but loans for refinancing. "Usually, the homeowner is convinced to refinance for more money than they need," she said. "They are drawn in by the very low [interest] rate, not realizing that it's going to adjust [higher]."

Foreclosure prevention tactics include forebearance, reinstatement, repayment plans, mortgage modification, partial/ advance claim, and refinance.

For example, a homeowner two payments behind on a mortgage can avoid foreclosure by entering into a repayment plan. That would mean making a regular monthly mortgage payment plus an additional payment amount for arrears. "There are a number of options," said Figueroa. If keeping your home is not possible, you can also contact your lender to discuss other possibilities.

The New York State Senate Democratic Conference and the New York State Banking Department will jointly hold "Operation Protect Your Home" in Queens on Saturday March 1, at Campus Magnet H.S., 207-01 116th Ave., Cambria Heights, from 10 a.m. to 6 p.m. This free event gives homeowners the opportunity to meet with banks and mortgage counselors about payment programs. For more information, contact State Senators George Onorato, John Sabini, Toby Ann Stavisky, Shirley Huntley or Malcolm Smith.

In other business, the new commanding officer at the 114th Precinct, Deputy Inspector Paul Vorbeck, said hello while Board Member Paul Vallone said goodbye to Community Board 1.

Vorbeck, who assumed his post on January 22, told the board, "I like to get results, I want to get things done." With year-to-date crime stats down by 8 percent, Vorbeck said, "Things are definitely doing well."

Vallone is leaving to run for City Council in the 19th District in Queens.

Finally, the board approved a renewal for an unenclosed sidewalk cafe at Sac's Pizza Place, 25-41 Broadway, for 15 tables and 35 seats.