As outlined in the newly enacted RPAPL 1308, the Community Restoration Fund (CRF) is a mechanism utilized by the State of New York Mortgage Agency (SONYMA) implemented to help distressed homeowners stave off foreclosure.
CRF will purchase defaulted mortgage notes from lenders and offer affordable and sustainable mortgage modifications to enable homeowners to save their homes. CRF is empowered to forgive a portion of a loan’s principal to make it affordable in depressed market areas or where a homeowner has suffered a loss or decrease in income.
As it relates to abandoned and vacant homes, CRF will provide a means to efficiently resolve foreclosure actions, work with land banks, Community Development Financial Institutions and nonprofit organizations to renovate and sell properties to new buyers. CRF has more than $100 million in available funds to help new homebuyers purchase and renovate Zombie properties and support existing low- and middle-income homeowners with major repairs and renovations. Funding is available through the New York State Homes and Community Renewal.
The Law Offices of Bruce Richardson can provide a New York foreclosure Attorney to assist a homeowner in saving their home through programs established by the CRF. Our office zealously fights on behalf of homeowners and guides them through all stages of the maze-like foreclosure process. Contact our office immediately today at (800) 985-9007 if you need assistance and wish to save your home or purchase one through the CRF.