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Homeowners, Sandy victims get help from mortgage settlement
Nearly 700 distressed homeowners on Long Island have received legal help and housing counseling funded by last year’s $25 billion settlement with mortgage lenders, the state’s top law enforcement officer said Wednesday.
Plus, more than 150 Long Islanders who suffered Sandy storm damage have benefitted from assistance such as help dealing with insurance companies and the Federal Emergency Management Agency, Attorney General Eric Schneiderman said in a news release.
Both efforts were funded by the accord reached last year with five major mortgage lenders, settling allegations that they foreclosed on homeowners without proper documentation. The lenders who settled were Bank of America, JPMorgan Chase, Citigroup, Wells Fargo and Ally Financial.
In its first three months, the $60 million program for distressed homeowners has aided roughly 3,600 New York State homeowners struggling to pay their mortgages, says the attorney general. The help for homeowners devastated by Sandy was funded by an additional $750,000 from the settlement.
Homeowners who need help with mortgage issues or storm recovery can call a newly established statewide consumer hotline at 855-HOME-456, the attorney general said Tuesday. Consumers will be connected with a housing counselor or legal service provider within 24 hours, according to the news release.