Comptroller launches mortgage hotline

New York City Comptroller William C. Thompson, Jr. launched a foreclosure prevention hotline last week to assist residents who face problems with mortgage payments and the possibility of foreclosure.
“Many homeowners around New York City may be facing foreclosure of their homes as a result of growing sub-prime sales in recent years,” Thompson said. “While these sales have made the possibility of homeownership available to a wider range of New Yorkers, they carry with them a greater risk of default.”
New York University’s Furman Center for Real Estate and Urban Policy says that, compared to the nation’s other major cities, New York City has the lowest homeownership rate with 33 percent. Within Black and Hispanic households, the rates are only 28 percent and 16 percent.
Data from the Neighborhood Economic Development Advocacy Project shows that there could be more than 15,000 foreclosures in the city this year. Some of the neighborhoods that most frequently have foreclosures are South Jamaica, Cambria Heights, Bedford Stuyvesant, East New York and Williamsbridge.
When people call the hotline number at 212-669-4600, a staff member will make referrals to non-profit organizations after having researched the case. All such organizations have been certified by the United States Department of Housing and Urban Development.
Since April 2, when the hot line began, “We have had about 700 phone calls from people seeking assistance,” according to Carmen Martinez, Community Action Center Director. Callers are “homeowners of all types” from all five boroughs, with a majority of the calls coming from Queens and Brooklyn. Specifically, Martinez said, they are “trying to negotiate with [bank] officials to keep people from loosing their homes.”