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email New York Lawyers Help Reduce Foreclosed Housing Inventories

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News & Media New York Lawyers Help Reduce Foreclosed Housing Inventories

More volunteer lawyers are being recruited by the New York City Bar Justice Center and the Federal Reserve Bank of New York to help reduce foreclosed housing inventories across the city.

This week, members of the Lawyers' Foreclosure Intervention Network gathered to mark their first year of operation and to discuss ways to encourage more lawyers to join the network, particularly attorneys from big firms.

Volunteer lawyers typically help homeowners protect their houses from getting added to foreclosed housing inventories by negotiating with banks to reduce monthly loan payments.

During the program's first year, the network has interviewed nearly 130 homeowners at risk of foreclosed housing listing in New York's five boroughs, with most borrowers coming from Queens, Brooklyn and the Bronx. Volunteer lawyers have processed 80 of the cases, which usually involved primary loans and refinances.

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