NY mortgage program reports 6,600 loan revisions - KMSP-TV

NY mortgage program reports 6,600 loan revisions

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ALBANY, N.Y. (AP) - New York Attorney General Eric Schneiderman reports his office's Homeowner Protection Program has worked with 23,760 New Yorkers in the past 15 months, resulting in 6,660 approved and pending loan modifications.

Since October 2012, it has helped fund 36 legal aid groups and 56 housing counseling agencies intended to help struggling homeowners avoid foreclosure.

Schneiderman has recently proposed legislation to require lenders take responsibility for properties abandoned by mortgage holders behind on payments instead of waiting until the foreclosure process is complete.

Across the state, RealtyTrac estimates there are now more than 15,000 "zombie properties" statewide, with about 1,000 in New York's Southern Tier.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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