A federal task force formed to help distressed homeowners has started assisting New Yorkers.
New York Attorney General Eric Schneiderman is co-chair of the Residential Mortgage-Backed Securities Working Group, which President Obama announced in his January 2012 State of the Union address
Speaking on The Takeaway Friday, he said 1,500 families have been granted loan modifications in the last three months, and that many more are in the pipeline.
"There were about 115,000, 120,000 New York homes that were underwater," Schneiderman said. "And we're going to cut into that significantly in New York over the next three years."
In October, Schneiderman's office started funding legal service organizations and housing counseling groups that can help homeowners through the legal process. Since then, 3,600 homeowners have applied for loan modifications.
The AG's office has also set up a hotline for people seeking mortgage counseling: 1-855-HOME-456.
"It's really just a matter of getting the word out to people that mortgage modifications are available," Schneiderman said.
New York has made a commitment of $60 million to fund the initiative over the next three years.
Dan Tucker is an associate producer for business news at WNYC. He has reported on everything from Fresh Direct’s move to the Bronx to how small businesses use technology to long gas lines and rationing ...
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