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.
- New York State Division of Financial Services coordinates foreclosure prevention services throughout the state.
- Finally, visit the Housing and Urban Development website for additional guidance.
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
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: