Help is on the way.
That was the message Assemblymember Jose Peralta touted at a recent announcement that more workshops and even some extra funding would soon be coming to homeowners in his district that are facing the possibility of foreclosure.
“Today the housing market bubble has burst mostly because of the predatory loans,” Peralta said on Thursday, February 28 inside of Our Lady of Sorrows Church in Corona.
During the press conference, Peralta talked about a bill that would likely be introduced in the Assembly this week, which would provide nearly $150 million in financial assistance and education to those citizens currently facing foreclosures.
Last year 2.2 million Americans defaulted on their loans, and Queens was one of the areas hit hardest by the subprime mortgages. While portions of southeast Queens had the highest numbers of foreclosures, Peralta’s district in northwest Queens has not escaped with 400 homes in Corona going into foreclosure since 2004.
“We should have seen this coming a long time ago, and we didn’t,” Peralta acknowledged.
Our Lady of Sorrows Pastor, Monsignor Thomas Healy said that he was glad to see the Assemblymember taking action in his parish, which is the home to many immigrants.
“An immigrants’ dream is to have their own home,” Monsignor Healy said. “Now, so many are at the point of losing that dream.”
In addition, Peralta said that he planned to introduce Donoso’s Mortgage Bill of Rights - named after Queens mortgage loan consultant Robert Donoso - into the Assembly in the near future.
Donoso said the 14 points, which outline rights that include placing an offer without contractual obligation and receiving a preliminary good-faith estimate from all lenders prior to agreeing to any loan, will help potential homebuyers avoid getting into a subprime loan.
Donoso, a mortgage consultant for National Citi Mortgage, will host two free, bilingual seminars on Thursday, March 6, beginning at 6:30 p.m. at the Pan American Hotel and Saturday, March 8, from 2 to 4 p.m. at 40-27 97th Street.
For more information on the free seminar, call Donoso at 917-658-6191.
Peralta offers foreclosure help
Help is on the way.