Friday, August 01, 2014

Follow us:
Follow @NY1 on Twitter Subscribe to this news feed 

News

Lawmaker Pushes for State to Extend Foreclosure Protections

  • Text size: + -
TWC News: Lawmaker Pushes for State to Extend Foreclosure Protections
Play now

Time Warner Cable video customers:
Sign in with your TWC ID to access our video clips.

  To view our videos, you need to
enable JavaScript. Learn how.
install Adobe Flash 9 or above. Install now.

Then come back here and refresh the page.

A local lawmaker is pushing to extend foreclosure protections in the state as a new report shows that the city's foreclosures overwhelmingly come from minority neighborhoods.

State Senator Jeff Klein is calling for the law, which expires in early 2015, to be renewed to 2020.

The law originally went into effect in 2009 and requires lenders to give 90 day pre-foreclosure notice.

It also mandates a face-to-face meeting to give homeowners information about how long they have been in default, how much they owe and the deadline for their payment.

Klein also released a report showing that 80 percent of pre-foreclosures in the city coming from minority neighborhoods.

The inequality was particularly bad in the Bronx and Queens, with 93 percent coming from those areas.

10.11.12.244 ClientIP: 107.20.91.81, 23.62.6.93, 10.48.37.118 UserAgent: CCBot/2.0 (http://commoncrawl.org/faq/) Profile: TWCSAMLSP