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Foreclosure counseling

As the economy hopes for brighter days, the government is still doing all in its capability to help as many citizens as possible.
Recently, a federal grant was given to the State of New York Mortgage Agency (SONYMA). Valued at $1.482 million, the grant will be used to fund foreclosure prevention counseling throughout the state.
On top of that, SONYMA will provide over $210,000 of its own money, bringing the grand total to $1.69 million.
SONYMA will be handing out these moneys to organizations that educate the public on foreclosure.
“The scope of the foreclosure crisis continues to have a deep impact on homeowners, communities and our state’s overall economy,” said SONYMA President and CEO Priscilla Almodovar.
“These funds will enable counseling agencies to better meet the rising demand for help from owners. These grants supplement the effort of Governor Paterson and the State Legislature to provide additional resources to counseling organizations,” she stated.
The city nonprofit organizations receiving this assistance are: ACORN Housing Corporation NY, Brooklyn Housing & Family Services, Inc., Brooklyn Neighborhood Improvement Association, Inc., and the Parodneck Foundation.
According to RealtyTrac, New York experienced a 55% increase in foreclosure filings from 2005 to 2007, with 57,350 being the figure for last year.
Earlier this year, SONYMA got a similar grant from the government, worth $747,718, and distributed over $120,000 of its own money in conjunction with that federal financing.

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