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:
1. Albany County Rural Housing Alliance (ACRHA) offers foreclosure prevention assistance. See www.acrha.org.
2. HomeSave also offers foreclosure prevention counseling and referrals to Legal Aid at http://www.homesave.info/.
3. Attorneys at the Legal Aid Society can prevent foreclosure through short sales or deeds in lieu. Contact www.lasnny.org.
4. The NYS Mortgage Assistance Program (NYSMAP) offers loans to homeowners unable to obtain assistance elsewhere in order to prevent foreclosure. See www.nysmap.org.
5. The NYS Attorney General provides scam prevention services at www.AGScamHelp.com.
Additional resources can be found at the following websites:
6. NYS Division of Financial Services coordinates foreclosure prevention services throughout the state. Visit www.dfs.ny.gov/consumer/mortg.htm for more information.
7. The NYS Housing and Community Renewal (NYSHCR) offers direction on finding additional resources at the website http://www.nyshcr.org/Topics/Home/Owners/ForeclosurePrevention/.
8. Finally, visit the HUD website for additional guidance at portal.hud.gov/hudportal/HUD/states/new_york/homeownership/foreclosure.
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.
Homeowners have several options when faced with foreclosure:
A. Sell the property
1) Retain a real estate agent; or
2) Arrange a short sale for less than the debts owed; or
3) Negotiate a deed-in-lieu (DIL) with the mortgage lender.
B. Apply for a loan to refinance
1) for a longer term with decreased monthly payment amounts; or
2) at a lower interest rate.
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:
Building and Planning Director
City of Cohoes * 97 Mohawk Street * Cohoes NY 12047 * 518-233-2127