NY State Homeowners Assistance Fund for Homeowners in default and or Forbearance.

New York State Homeowners Assistance Fund: How to apply

1/24/2022

The New York State Homeowners Assistance fund may grant a homeowner up to $50,000 towards their mortgage default and or forbearance under certain conditions. For instance, a homeowner must reside in the property that is encumbered by the mortgage in default or in forbearance and the homeowner must have been adversely impacted by the Covid-19 pandemic. If the mortgage was in default before the national declared emergency then it is unclear if the fund will be of assistance. Notwithstanding, it is advisable to apply early even if you suspect that you may not qualify. For more information and the application, you can click the link below:

www.nyhomeownerfund.org/apply-now

4 Comments

Chris Walters

1/31/2022 11:03:42 pm

With the moratorium now lifted, if a home owner has not been adversely impacted by the pandemic enough to qualify for the assistance fund; do they have any rights similar to a tenant when facing eviction after the home is sold at auction?

For example, 30-90 day notice from the new owner?

I really appreciate any insight, and value your blog.

Arnold M. Bottalico, Esq.

2/1/2022 12:49:18 pm

Yes you would be able to assert similar defenses such as lack of service of the landlord tenant eviction petition filed in court, failure to serve required notices (90 day notice), and if the landlord tenant court ultimately grants the bank the right to evict, a homeowner can ask for a 90 day stay to find another place to live or for additional time if there is substantial prejudice. It's important to note that sometimes a foreclosure auction can be vacated if the facts reveal that the foreclosing lender failed to comply with the rules. In such cases the eviction proceeding would be dismissed.

Chris Walters

2/2/2022 11:02:03 am

Thank you very much for the reply. If I could just clarify two questions.

Would the former homeowner still residing at the property have similar protections to someone who would fall under the traditional landlord / tenant relationship; in the event the home was sold at auction to a private individual and not directly to the bank / mortgage holder?

Also, is 90 day notice the NYS standard for situations such as this when it comes to property changing hands due to a foreclosure?

Arnold M. Bottalico, Esq.

3/6/2022 08:06:54 pm

Please call my office for a free consultation!

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New York State Homeowners Assistance Fund: How to apply

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