GET HELP EARLY IF POSSIBLE
Even before you are late with your mortgage its never too soon to explore your options, reach out to your financial institution and local foreclosure prevention resources if you feel you need help.
DON'T BE AFRAID TO ASK FOR HELP
Many do not think of asking for help when they need it, in Monroe County there are many services available for preventing foreclosure through organizations like The Housing Council at Pathstone and NeighborWorks. See our resource packet for more information and contacts.
UNDERSTAND THE PROCESS CAN BE FRUSTRATING
Many times you will feel as if this process is not moving or nothing is happening. It is natural to feel this way as many programs take some time to be approved/denied so don't be discouraged if it takes six months or more to be approved and expect to produce a lot of documentation. Always know there is generally an appeals process as well if your circumstances change or you still cannot manage the issue alone. Sometimes just speaking to someone is what you need to let you know that you're not alone.
Community Restoration Fund
SONYMA will administer the new Community Restoration Fund (“CRF”), which was legislatively created in June 2016 to assist New York homeowners facing mortgage foreclosure. SONYMA will purchase defaulted mortgage notes from other lenders. Through the CRF program, SONYMA will then have the ability to forgive a portion of the loan’s principal balance. In cases where homes are vacant, the CRF program will offer a mechanism to “expeditiously complete a foreclosure” and work with land banks, Community Development Financial Institutions, and other local not-for-profits to rehabilitate properties and resell them to new buyers. The Task Force will be closely following the rollout of the CRF program, and will make any further recommendations as necessary.