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Pols blame HUD for leaving African-American homeowners defenseless to foreclosure

nydailynews.com | September 12, 2016

By Jennifer Fermino

A Department of Housing and Urban Development mortgage program that’s supposed to help struggling homeowners is actually leaving many of them vulnerable to foreclosure — particularly African Americans, advocates and politicians said Thursday.

Many of the homeowners in danger live in southeast Queens, a bastion of black home ownership for generations.

“This is injustice pure and simple,” said State Sen. Leroy Comrie, who reps St. Albans.

The problems have been brewing since HUD began selling off defaulted Federal Housing Administration mortgages, which had been given to homeowners with guarantees that if they ran into trouble they could take steps to save their home.

HUD sold the mortgages for bargain prices to private equity funds, who aren’t required to give the homeowners the HUD protections like generous modification deals if they fall behind on payments.

Those protections weren’t free.

The homeowners paid thousands extra for them in closing costs, and also in insurance payments.

Queens homeowner Joseph Washington was in the process of modifying his mortgage with HUD when it was sold to a private equity firm.

Under his new terms, the firm plans to charge him $650 more a month in five years — which he can’t afford.

“I lose sleep at night,” he said.

 

 

 

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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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