HEADLINE:
Business in the Burbs: Westchester starts subprime awareness campaign
QOUTE OF THE DAY:
"We're going to do everything we can to educate the community," said Geoffrey Anderson, executive director of Westchester Residential Opportunities. Ownership of a home is "an American dream."
"We need to keep that dream alive," he said.
STORY:
'Don't Borrow Trouble' is the theme of a campaign started yesterday in Westchester County to alert consumers to the dangers of subprime mortgages.
The subprime market provides loans for homebuyers who have less than perfect credit. The mortgages usually have adjustable interest rates, and the rates have been resetting this year to levels that are onerous for many borrowers.
The Westchester County Clerk's Office said 1,593 foreclosure actions were commenced in the county through September, an increase of 40.8 percent year over year. The number of foreclosure judgments reached 476, up 52.6 percent.
"There's not a month when somebody doesn't call my office and say, 'What can I do?' " County Clerk Timothy Idoni said at a program promoting the campaign yesterday outside the County Courthouse in White Plains.
A toll-free telephone number (877-WRO-4YOU) and a Web site (http://www.dontborrowtroublewro.org/), have been set up for county residents who are having problems keeping up with mortgage payments. Westchester Residential Opportunities of White Plains will counsel callers on their options. People who live outside the county will be referred to counselors in their area
........ in their area. The Westchester campaign will post signs, in English and Spanish, at five train stations: Port Chester, New Rochelle, White Plains, Mount Vernon and Yonkers. Notices also will be posted inside county Bee-Line buses. 'We're going to ......
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Source: The Journal News
Reporter: Jerry Gleeson. Reach him at jgleeson@lohud.com or 914-694-5026.
ALSO:
Avoiding foreclosure
- Call 1-877-WRO-4YOU
- On the Web: http://www.dontborrowtroublewro.org/
Posters
Don’t Borrow Trouble Print Campaign (.pdf format)
Don’t Borrow Trouble Print Campaign (.pdf format)
Don’t Borrow Trouble Print Campaign (.pdf format)
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