Help With Foreclosures

The City of Cohoes is committed to foreclosure prevention. Working together with the various levels of government and local non-profits, the City seeks to provide education and assistance to prevent foreclosure through education, loans and services. To that end the following existing programs provide excellent assistance to property owners who need help preventing foreclosure:

• Albany County Rural Housing Alliance (ACRHA) offers foreclosure prevention assistance.
• HomeSave also offers foreclosure prevention counseling and referrals to Legal Aid.
• Attorneys at the Legal Aid Society can prevent foreclosure through short sales or deeds in lieu.
• The New York State Mortgage Assistance Program (NYSMAP) offers loans to homeowners unable to obtain assistance elsewhere in order to prevent foreclosure.
• The New York State Attorney General provides scam prevention services.

Additional resources can be found at the following websites:

• New York State Division of Financial Services coordinates foreclosure prevention services throughout the state.
• The New York State Housing and Community Renewal (NYSHCR) offers direction on finding additional resources at the website.
• Finally, visit the Housing and Urban Development website for additional guidance.

Generally speaking, once a homeowner misses even a few mortgage payments, it would be wise to seek help immediately. Foreclosures lower credit scores, making it difficult to obtain future loans. In addition, the impact of a foreclosure can last for years.

Options When Facing Foreclosure

Homeowners have the following several options when faced with foreclosure:

• Sell the property
  • Arrange a short sale for less than the debts owed
  • Negotiate a deed-in-lieu (DIL) with the mortgage lender
  • Retain a real estate agent
• Apply for a loan to refinance
  • At a lower interest rate
  • For a longer term with decreased monthly payment amounts

Contact Us

Most importantly, don't suffer alone. The services described were created to assist homeowners during this difficult time. Feel free to contact this office at the City of Cohoes anytime: