For many New Yorkers the dream of home ownership has turned into the nightmare of foreclosure. This year, it is estimated that tens of thousands more New Yorkers will file for foreclosure due to the growing subprime mortgage crisis. The numbers are staggering, and if we do not help, all of us may have a family member, friend or neighbor struggle with foreclosure.
Despite the crisis, foreclosures can be avoided if our communities are well-informed. New Yorkers need to know that there are places they can turn for both help and hope. To that end, I launched my Foreclosure Prevention Helpline last April and have been hosting informational conferences in all five boroughs. When New Yorkers call (212) 669-4600, trained staff will connect callers with United States Department of Housing and Urban Development certified counselors in their neighborhoods, and monitor each case to ensure help is provided. To date, the Helpline has received 3,593 calls.
With guidance and support, many homeowners can regain their footing and protect their property. Together, we can help keep New Yorkers in their homes and secure a better quality of life for all New Yorkers.
William C. Thompson, Jr.
New York City Comptroller