09/15/07 - Unfortunately, it's kind of grim," says Blanca Lopez of Port Chester "We know in the long run these people are not going to be able to ....

HEADLINE:

Creditors are going to court to foreclose in sharply higher numbers in the Lower Hudson.Read More

STORY:

National problems with the subprime mortgage market are surfacing in the Lower Hudson Valley, as creditors go to court to foreclose in sharply higher numbers this year, a survey of county clerks' offices shows.

Mortgage counselors in the region say calls for their help are up as well, as homeowners who are behind on monthly payments scramble for ways to save their houses.

The prospects aren't good, some counselors say. Though there are some new programs to help borrowers looking to refinance, the programs have limits on how much money may be available. In many cases, it's less than what the borrowers need.

"Unfortunately, it's kind of grim," said Blanca Lopez, director of Port Chester-based Human Development Services of Westchester. "We know in the long run these people are not going to be able to afford their homes." .......

Source: The Journal News

Publication Date: September 15, 2007

Reporter: Jerry Gleeson at jgleeson@lohud.com or 914-694-5026.

Source URL: http://www.nyjournalnews.com/apps/pbcs.dll/article?AID=/20070915/NEWS01/709150364