Attorney General Eric Schneiderman announced the initial results of the Homeowner Protection Program (HOPP), a $60 million program launched in June designed to work with homeowners at risk of foreclosure.
Schneiderman said that in the Hudson Valley, 731 at-risk homeowners have received assistance, while 3,600 have received assistance in New York.
“The rise in foreclosures across the Hudson Valley is troubling, but this isn”™t just a matter of numbers: each foreclosure represents a devastating loss for families and communities. This program is putting homeowners first, and it is getting our neighborhoods back on track,” said Schneiderman in a statement.
Of the 731 borrowers who have received counseling in the Hudson Valley through the HOPP program, more than 31 percent are already in active negotiations or have been formally offered loan modifications.
Statewide, 42 percent have pending or formally approved loan modifications thanks to assistance from HOPP.
According to data released by the Federal Reserve, more than 13,500 families in the Hudson Valley were in foreclosure, and 11,000 families were delinquent on mortgage payments.
As part of the program, two legal service providers and eight housing counseling organizations were set up in the Hudson Valley, while $1.7 million went to 10 Hudson Valley-based organizations.
