New York To Bail Out With Foreclosure Avoidance

August 1, 2007 – In New York state, a $100-million refinancing program has been created by the state and the mortgage industry for people on the verge of losing their homes because of risky, adjustable-rate mortgages. Borrowers with adjustablerate loans or terms that require them to pay only the interest due each month will be eligible for new 30- and 40-year fixedrate mortgages under a program administered by the State of New York Mortgage Agency, or SONYMA, Gov. Eliot Spitzer said in a statement. The loan pool is expected to help 500 to 700 families. Act quickly, since at last count there we more ARM’s (adjustable rate mortgages) than that in New York.