COMPTROLLER THOMPSON LAUNCHES CITYWIDE INITIATIVE TO BATTLE FORECLOSURE

New York, NY – October 25, 2008 – (RealEstateRama) — In an effort to help New Yorkers remain in their homes and prevent foreclosure, New York City Comptroller William C. Thompson, Jr. today hosted a kick-off event for his “Save Our Homes Initiative” at the College of Staten Island

“I see no better place to begin this intensive, citywide initiative than on Staten Island, where we have seen foreclosures increase by 80% since last year,” Thompson said at the event.

The latest figures show that as of August 2008, Staten Island had 81% more homes currently at the foreclosure auction stage (49) than in the same month a year ago (27).

The event was coordinated by the Comptroller’s Office and provided homeowners with the opportunity to meet with financial lenders and learn ways to avoid foreclosure. In addition, trained staffers from the Comptroller’s Office, non-profit groups, and legal service organizations were on hand offer free advice to attendees.

“We see that more than fifty percent of people who enter foreclosure do so because they do not know where to turn,” Thompson said. “By bringing people face-to-face with lending institutions, we are creating a dialogue between the parties and bringing everyone one step closer to a solution.”

One such success story is that of the Covello family, who were on hand to meet Comptroller Thompson. Due to an illness in the family and staggering medical bills, the Covellos had trouble keeping up with mortgage payments and were soon faced with foreclosure. They attended a similar seminar co-hosted by Thompson in February where the family’s home was successfully rescued from foreclosure two days before it was set to be auctioned. This week, after working closely with the Comptroller’s Office, the Covellos and their lender were able to reach an agreement that would allow for them to remain in their home.

This month, the Comptroller released a revised job-loss forecast which stated that New York City could lose more than 165,000 jobs over the next two years. In addition, recent reports indicate that more families are becoming homeless as they face economic pressure and struggle with foreclosure.

“As we see the economy slipping into recession and the job-loss numbers increase, we need to do all we can to help people remain in their homes,” Thompson said.

Thompson has been at the forefront in working to help New Yorkers address foreclosure and acquire better financial skills. A year and a half ago, he launched a Foreclosure Prevention Hotline at 212-669-4600. That Helpline has received more than 3,670 calls; 1,523 cases currently are open. A breakdown of cases follows:

Additionally, the Comptroller recently published on his Web site – www.comptroller.nyc.gov – maps of active foreclosure cases in New York City that show pockets of foreclosures throughout the City. Chief among the findings illustrated by the maps is that many foreclosures occur in areas that do not have adequate banking services.“It is imperative that we provide the necessary financial assistance to those who need it,” Thompson said. “I encourage all to attend this event. Whether you are facing foreclosure or not, the services available are for everyone’s benefit.”

The Comptroller will also host events in the coming weeks at the following locations:

You can also check our Events Page for other upcoming in the Office of Community Relations.Note: Additional locations are being identified and will be announced in the coming weeks.