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FORECLOSURE PREVENTION PROJECT
Foreclosures in New York State affect large numbers of homeowners and are concentrated in New York City and Long Island. Just two of New York City's boroughs account for close to 30% of the state's total foreclosures. Within the city, three out of five foreclosures are for multi-family dwellings, threatening not only the homeowner but some 38,000 tenants who face eviction if the property is sold at auction.
MFY’s Foreclosure Prevention Project was launched in 2008 to address the growing need for legal services to homeowners. MFY's project has three interrelated goals: (1) to prevent the loss of affordable housing for homeowners (and their tenants) facing foreclosure; (2) to challenge abusive practices of mortgage brokers, lenders, and servicing companies through impact litigation; and (3) to promote changes in public policies and practices to provide greater protections for homeowners.
The project addresses a wide range of foreclosure issues, including: (1) first-time home-buyer scams and property flipping; (2) loan flipping; (3) refinancing and home improvement scams; (4) deed theft and foreclosure rescue scams; and (5) mortgaging servicing abuses.
The project is focusing services on high-need neighborhoods in Queens and Staten Island, and is prioritizing serving people with mental disabilities and the elderly who are facing foreclosure.