New York

New York Bank Foreclosures:

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New York has created a special court section charged with helping borrowers and lenders find a speedy agreement before causing a New York foreclosure. New York homeowners are notified immediately when they are facing a foreclosure proceeding and will receive a list of counselors that will help them and are even invited to court for a settlement conference.

New York has received a heavy blow by Freddie Mac announcing that it won’t purchase subprime loans.