Operation Protect Your Home To Save NYC Home Owners Facing Foreclosure
Like so many others, 69-year-old George Mascia fears he is on the brink of losing his home because of the sub-prime mortgage crisis.
“Let these bankers see these people, what they have done to them,” says Mascia. “Angry ain’t the word for it, you don’t know how angry I am.”
The Air Force vet, who still holds down a job, says in 2005 he was in desperate need of money to pay off medical bills so he took a second mortgage on his home in Throggs Neck. He says he was quick to sign, without reading the fine print about interest rates that go up over time.
“I went from a $2,400 mortgage up to $3,500 mortgage. One thousand dollars in a jump!” says Mascia. “And it’s going to raise every six months one percent, up to 13 and a half percent.”
State Senator Jeff Klein says his office has received numerous complaints about adjustable rate mortgages from homeowners who are in danger of foreclosure. The mortgages start out with low interest rates, but can balloon to levels that a lot people just can’t afford.
“I’ve met so many people who really lost their part of the American dream – home ownership – and that is wrong,” says Klein.
So how serious is the problem in New York City?
According to a report from Klein’s office, in just a year from July of 2006 to July of 2007 there were 14,561 foreclosure filings in the city. Most of them were in Queens and Brooklyn, but the Bronx had 1,684, with the neighborhoods of Wakefield and Baychester hit the hardest.
“I’ve been pressuring these banks for quite some time, but they are finally stepping up to the plate and they are willing help people modify their mortgages,” says Klein.
This Saturday, Klein and others officials are sponsoring a forum called “Operation Protect Your Home.”
It will be held at Cardinal Spellman High school from noon until 8 p.m. Dozens of banks, lending institutions, and housing counselors are scheduled to attend to help owners who are in jeopardy.
Although this huge gathering is set up to help people protect their homes, bottom line, there are no guarantees.
“They took advantage of innocent people is what they did – people like myself,” says Mascia.
For more information on this Saturday’s forum, call Klein’s office at 1-800-718-2039 or log onto his website at nyssenate34.com.
SOURCE: NY1













