In response to the subprime mortgage foreclosure crisis sweeping New York City, the highest court in the State is finding new ways to provide homeowners with legal advice and representation if they are faced with foreclosure. A series of startling court decisions nationwide have ruled against subprime lenders attempting to foreclose on borrowers after failing to legally establish ownership of the loans in question because they had been 'transferred' multiple times. New York Chief Justice Judith Kaye has now called for a special Foreclosure Court to deal solely with foreclosure cases in Queens -- where, the New York Post reports, the number of foreclosures has increased 81 percent in just one year. The Court will serve as an alternative dispute process -- advising homeowners of legal options by proactively sending notices to homes under threat of foreclosure. "Reaching out" to homeowners Judge Kaye is concerned about New Yorkers losing their homes in "record numbers," and wants borrowers to know that legal representation is available. "We are hoping people will reach out… and get counsel," she told the Voice. Judge Kaye said since January 2005, foreclosure filings have increased 150% statewide. "Queens has over 15,000 new foreclosures pending...they are overwhelmingly defaults... but we don't know who the people are -- we don't see a profile," she said. Nationwide, court initiatives similar to the Queens project are helping borrowe ...
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In response to the subprime mortgage foreclosure crisis sweeping New York City, the highest court in the State is finding new ways to provide homeowners with legal advice and representation if they are faced with foreclosure. A series of startling court decisions nationwide have ruled against subprime lenders attempting to foreclose on borrowers after failing to legally establish ownership of the loans in question because they had been 'transferred' multiple times. New York Chief Justice Judith Kaye has now called for a special Foreclosure Court to deal solely with foreclosure cases in Queens -- where, the New York Post reports, the number of foreclosures has increased 81 percent in just one year. The Court will serve as an alternative dispute process -- advising homeowners of legal options by proactively sending notices to homes under threat of foreclosure. "Reaching out" to homeowners Judge Kaye is concerned about New Yorkers losing their homes in "record numbers," and wants borrowers to know that legal representation is available. "We are hoping people will reach out… and get counsel," she told the Voice. Judge Kaye said since January 2005, foreclosure filings have increased 150% statewide. "Queens has over 15,000 new foreclosures pending...they are overwhelmingly defaults... but we don't know who the people are -- we don't see a profile," she said. Nationwide, court initiatives similar to the Queens project are helping borrowe ...