April 12, 2007

Suozzi Announces Assistance for Homeowners Facing Foreclosure

--Homeowner Hotline Established

Mineola, N.Y. - Nassau County Executive Thomas R. Suozzi today said homeowners facing foreclosure will be offered assistance via a newly established county hotline that will provide counseling services, including helping residents negotiate with lenders to avoid losing their homes.

Foreclosures are on the rise throughout the region due in part to the proliferation of ‘sub prime’ loans that were offered to home buyers. As interest rates on those loans rise, many homeowners have difficulty keeping up with payments and some face the loss of their property.

“For most families, a home is not only a significant financial investment but also a source of pride. The loss of a home, due to unexpected events, can be financially and personally devastating,” said Suozzi. “We are going to do what we can to offer Nassau County residents assistance to try and avoid this loss.”

By some estimates, as many as 19,000 homeowners in Nassau and Suffolk counties could face foreclosure within the next two years.

Nassau County homeowners may call (516) 571-HOME or (516) 571-4663 to arrange an appointment with a counselor between the hours of 8 am to 6 pm.

Nassau County, a HUD-approved housing counseling agency, will help to assess a homeowner’s financial situation, determine what options are available, and help negotiate with lenders. The counselors are familiar with the various workout arrangements that lenders will consider and will know what course of action makes the most sense for homeowners. In addition, the counselor can call the lender with homeowners or behalf of a homeowner to discuss a workout plan. By meeting with a counselor before mortgage payments are too far behind, homeowners can protect themselves from future credit problems. Counseling services include: Fair Housing Assistance – Home Equity Conversion Mortgage Counseling – Home Improvement and Rehabilitation Counseling – Homebuyer Education Programs – Loss Mitigation – Mobility and Relocation Counseling – Money Debt Management – Mortgage Delinquency and Default Resolution Counseling – Post purchase Counseling – Predatory Lending – Renters Assistance - Services for Homeless.