Benjamin M. Lawsky, Superintendent of Financial Services, today announced that Department of Financial Services mortgage foreclosure prevention specialists will meet with homeowners already in foreclosure and those at risk of foreclosure this week in Schenectady County.

The foreclosure prevention specialists will be available from 11 a.m. to 7 p.m., Friday, May 11 at the Town of Glenville Town Hall, 18 Glenridge Road in Glenville, north of Schenectady.

"Governor Cuomo believes that it’s essential that we provide as much help as possible to financially-troubled homeowners. Our objective is to provide direct help to homeowners and get the word out to others that it’s important to ask for help as quickly as possible. The longer a homeowner waits, the harder it may be to save a home," Superintendent Lawsky said.

Senator Hugh T. Farley said: “This event is an important opportunity for homeowners to seek assistance and guidance in saving their homes. There are a number of steps that homeowners should take, and it is especially important to act quickly when you have more options available to you, rather than wait until it is too late. I encourage concerned persons to take advantage of this beneficial outreach effort by the Department of Financial Services. For those who can’t attend, please follow up with the Department’s toll-free hotline, or meet with a local agency which provides valuable foreclosure counseling to homeowners in distress.”

Assemblyman James Tedisco said: "Still feeling the ripples of the financial turmoil in 2008, the mortgage crisis is still a fresh and real problem for many families in the Capital Region. With the resources offered by the New York State Department of Financial Services, this program is an easy and convenient way to help those in need of guidance through this very difficult process. I especially appreciate the Department of Financial Services for offering this effort to help more people own their own homes and I thank Glenville Town Supervisor, Chris Koetzle, for his support and willingness to assist with this program."

The Department’s foreclosure prevention specialists will meet with homeowners to assess where they are in the pre-foreclosure or foreclosure process. They will offer:

• Information to homeowners about specific loan modification programs which may be available to them;
• Guidance to homeowners on how they can file complaints with the Department so that cases of lender or mortgage servicer abuses, such as predatory lending practices, can be investigated.

U.S. Housing and Urban Development (HUD) approved housing counselors will also be available.

The foreclosure prevention specialists will meet with homeowners inside the Department's Mobile Command Center, a 36-foot long vehicle. Homeowners should bring with them any documents relevant to their individual situations, such as records of mortgage payments or letters to them from lenders or mortgage servicers.

Homeowners may also file complaints using the Department website, www.dfs.ny.gov. Also, information may be obtained by calling the Department's toll-free foreclosure hotline, 1-800-269-0990 or 518-457-1654, from 8:30 a.m. to 4:30 p.m., Monday through Friday.

Superintendent Lawsky urged homeowners to be wary of mortgage rescue scams, which may be marketed by private businesses.

"Beware of anyone who asks for an upfront fee in exchange for getting you a loan modification, saving your home from default or stopping a foreclosure or tax sale. New York law prohibits the collection of such fees in most cases. Also, many not-for-profit housing counselors will help you negotiate with your lender for free," Superintendent Lawsky said.

"Beware of anyone who says they can save your home if you sign or transfer the deed to your house over to them so you can catch up on your mortgage payments or refinance your loan. Never submit your mortgage payments to anyone other than your mortgage company without its approval."

The Department plans on sending foreclosure prevention specialists to assist homeowners at sites across the state, particularly where there are high concentrations of homeowners in or at risk of foreclosure. The Department’s foreclosure prevention initiative was launched in February and has visited numerous locations as part of its citizen outreach effort.