City Foreclosure Helpline Gets Hundreds of Calls

WNYC News | Jul 12, 2010

New York, NY —

The city's foreclosure prevention help line has received close to 700 hundred calls.

The line was set up by the city comptroller's about a month ago to aid New Yorkers about to lose their homes. Officials say cases have been opened for about half the callers.

Help line staff are supposed to research cases and come up with options to help people manage their mortgage payments. According to a local non-profit, foreclosures in the city are expected to surpass 15,000 -- more than double the amount two years ago.

Many of those at risk have sub-prime loans, which have been easier to get than regular loans but have a higher rate of default, because interest rates on sub-prime loans often balloon.

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