NY Dems arm Bronx residents in war on foreclosures
Bronx residents became the first recipients of advice Saturday from a campaign aimed at fighting foreclosures in New York.
The New York State Democratic Committee kicked off a series of statewide foreclosure-prevention forums called "Operation Protect Your Home" with an event at Cardinal Spellman High School Saturday. The event gave borrowers the chance to grab some face time with 16 lenders who attended.
Participants were given advice on how to combat foreclosures through refinancing, modifying home loans and prepayment options.
"A borrower that has received financial education is less likely to default," says Natalie Abetemarco, of Home Owners Preservation.
Organizers say the event and campaign are about more than bringing lenders and homeowners together, it is also to reinforce the idea that home ownership is still a part of the American dream.