01-22-09
Idoni confirms Westchester foreclosures have slowed
     While the span of time between new legislation and impact for those most in need can often be long, 2008 statistics released today by the office of the Westchester County Clerk show that Westchester foreclosures slowed following foreclosure reform measures signed into law last August.  One part of the new state legislation requires lenders to send pre-foreclosure notices to borrowers at least ninety days before an action is started.  That notice encourages the homeowner to seek help and provides contact information for local government-approved housing counselors.
     “The measure not only mandates lending reforms for the future,” began Idoni,  “but also provides immediate help to residents in danger of losing their homes.”  And while 2008 statistics show an overall increase in foreclosure filings, they also reveal a significant drop in foreclosure actions filed in the last four months of 2008:

      “The slowing of foreclosure filings is good news, but Westchester residents are still losing their homes and need help,” warned Idoni.  “Without proper counseling, this respite will only be temporary.”  Idoni urged local residents at risk of foreclosure to contact Westchester Residential Opportunities (WRO),  a non-profit housing agency with offices in White Plains and Mount Vernon.   A trained counselor can be reached at (914)428-4507 or visit www.wroinc.org for more information.
      The Westchester County Clerk is the Clerk for the Supreme Court where foreclosure actions are heard.  Please note that the commencement of a foreclosure action does not mean that a Westchester home will be lost to foreclosure.  Filing a foreclosure action in the Westchester County Clerk’s office is the first step of a process which could result in the loss of a home or building.  If a foreclosure is granted, the home or building is sold at a foreclosure auction and the proceeds of the sale are used to pay off the loan.  However, some homeowners enter into a repayment plan, secure a modified loan, refinance with another lender or sell their home on their own to avoid foreclosure.   The office of the Westchester County Clerk is located at 110 Dr. Martin Luther King, Jr. Blvd. in White Plains and is open Monday through Friday (excluding holidays) from