Judith Kaye, New York’s Chief Judge, is taking the state’s housing woes into her own hands.
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(WSJ) -- At a news conference yesterday, Judge Kaye cited data showing that foreclosure filings across NY have jumped 150% since 2005. In Queens, she said, that figure is 223%, with an additional increase of 40% expected by the end of this year. That’s why Judge Kaye is launching a new court to help borrowers and lenders reach settlements. The program, reports the NYT, could help keep people in their homes, or, short of that, ease the foreclosure process. Here’s how it would work: Homeowners would be notified almost immediately that they face a foreclosure proceeding; they would receive a list of legal and foreclosure counselors who can help them; and they would be invited to court for a settlement conference. Parts of the program, reports the NYT, would be voluntary. The court would encourage, but not require, a settlement conference, and lenders would still be able to foreclose. A pilot version of the program is scheduled to start in Queens this summer.
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Comments (1 posted):
People should come first.
There main goal should be to make sure that the people buying homes can be able to afford them.
I was a real estate agent the greed among these agents to close a deal and get there commisson is one of the big problem. 2) the banks greedyness is giving a loan when the bank knows they cannot afford.
I could not make a living so i quit.
I am not going to tell someone they can afford to buy a home when i know they cannot afford it
Having a judge look over the reason they were given the loan to begin with may help other people from making the same mistake and fall into foreclosure
I am for the people
Maybe the judge should have the final say before the closing takes place
to make sure everything is on the up and up (Ihis is all i have to say now thank you joe reu
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