Courts create program to ease foreclosures

June 18, 2008 4:33:00 PM PDT
New York state's chief judge says "crisis" numbers of mortgage foreclosures have prompted the court system to create a program to try to save homes - or at least reduce the time, expense and loss involved in the process. Judge Judith Kaye says New Yorkers are losing their homes in record numbers with neighborhoods such as Queens and Suffolk counties being hit especially hard. She says foreclosure filings in those areas more than doubled since 2005.

The court's Residential Foreclosure Program will let homebuyers know legal and mortgage counseling services are available early in the process. Kaye says early information will help promote settlements and positive outcomes for both lenders and homeowners.

The program will begin in Queens in the fall and later will be used around the state.