Newsday reported that they are forming two new state aid packages to deal with homeowners facing foreclosure. The money will come from a $1 million settlement with a home mortgage company accused of deceptive home lending practices. Cuomo said that a Foreclosure Relief Unit is being set up within the new Department of Financial Services to deal with this serious problem.
Obviously, $1 million can’t take care of more than a handful of homes on Long Island so it’s a ruse. They are going to go after more tax money locally and throughout the state to support this program.
RealtyTrac, a California-based real estate data provider, said about 7,800 Long Island homes received some type of foreclosure-related notice last year. Nassau had the state’s highest foreclosure rate; Suffolk was fifth highest. Heartbreakingly, the poorest areas are hardest hit.
RealtyTrac further said that they are anticipating a 25% increase in foreclosure rates in the country.
Oddly, no one has put together the fact that our real estate taxes are also among the highest in the country, coinciding with our foreclosure rates.