With Attorney General Eric Schneiderman as one of the co-chairs of the newly formed Residential Mortgage Backed Securities Working Groups, New York residents are poised to obtain legal assistance, housing counseling, and loan modifications. This is great news for the approximately 120,000 New York homeowners who have experienced difficulty in making mortgage payments over the past year. However, for those union members who are able to take advantage of the best rates available through companies geared to help laborers and their families, the help available from the Securities Working Groups will most likely not be needed.
The goal of the New York Attorney General is to get the word out to the public that mortgage modifications are available. With funds close to $60 million allotted towards the initiative over the next three years, it will probably not take long for the word to reach those New York citizens who need help the most. In addition to mortgage modifications, residents will also be eligible to receive mortgage counseling so that they can understand their legal options and obtain whatever help is available.
This past year was not the first time that New York residents faced serious mortgage difficulties. The last several years have been plagued with New Yorkers who have had to default on mortgage payments. In some cases, however, homeowners have alleged that banks foreclosed on homes after the owners paid what they believed to be the correct mortgage payments based on mortgage modifications that they say were signed and returned to the banks on time. The backlog of cases in the New York courts alleging unfair practices by mortgage companies an other lending institutions is another issue that the Attorney General wishes to address in the coming years as yet another way of helping to provide mortgage relief to New York citizens.
Whatever your circumstances, whether you have experienced mortgage difficulties in the past or are simply looking to capitalize on the recently improved mortgage rates for buyers, if you are an active or a retired union member, there are mortgage companies in New York that cater specifically to union members and their families. It is nice to know that after having contributed so much to the economy of New York with your labor, there are companies that are looking out for your best interests when it comes to your mortgages.
It is a great time to get a mortgage for New York residents who want to buy a home. The mortgage rates have never been better and the Attorney General is committed to making it as easy as possible for residents to keep up with their mortgage payments and to get the legal advice they need to understand their mortgages and any modifications that might be available to them.
You will probably not need to take advantage of any of the helps with mortgage that New York residents are being offered when you secure your loan through Members Mortgage Corp. Providing union members with the best mortgage rates available in New York, Members Mortgage Corp is the online loan source for union members and their families. Let Members Mortgage Corp help you at every step of the way.
