chigrants.org

98 troubled loans were submitted to Bank of America for modification last week at CHI’s Fast Track foreclosure prevention event. www.chigrants.org

Homeowners having problems with their Bank of America mortgage can meet with a loan officer through CHI. Call 1-877-HUD COUNSELING for more information.

From Alexander Roberts, Executive Director of Community Housing Innovations:

On Thursday, May 28, Jack Healy from the New York Times wrote: “Suspensions on foreclosures imposed by lenders and underwriters have mostly ended, and banks are moving quickly against homeowners who fall behind.” http://www.nytimes.com/2009/05/29/business/economy/29home.html?_r=1

We are seeing this at Community Housing Innovations (CHI). In fact, one of our home ownership grant recipient from five years ago contacted us to say that she is facing foreclosure on her co-op, even though she only has a $423 per month mortgage. She had lost her job and couldn’t pay for five months. But now that she has a new job and can pay the $2,500 she owes in full, the bank is refusing to stop the foreclosure auction. Fortunately, she contacted CHI and we referred her to our FREE Foreclosure Prevention Program. Our new Senior Foreclosure Prevention Counselor, Peter Spino, who is an attorney, is working with her to stop the foreclosure action. Peter can be reached at 914-683-1010 ext. 233.