Rochester, NY

Dept. of Financial Services Superintendent Benjamin Lawsky fears a “potential mountain of foreclosures” is looming in New York. To forestall it, he’s launching a unit that will help people avoid losing their homes, if possible, and crack down on foreclosure abuses.

While mass foreclosures have been more of a headline story in boom-and-bust Sun Belt states more than the Northeast, Lawsky believes the trend will eventually catch up with the Empire State.

Gov. Andrew Cuomo mentioned creation of a Foreclosure Relief Unit within Lawsky’s operation during Wednesday’s State of the State speech; on Thursday, Lawsky expounded on the plans. Currently, he said, DFS is mapping hot spots where foreclosures could grow or be more prevalent in the state.

They plan to work with local not-for-profit groups to provide information and other help to people facing foreclosure.

“We’re also going to consider every regulatory tool in our toolbelt to try and see what we can do to deal with the foreclosure problem,” he said.

One idea: fostering ways that will make it easier for banks to renegotiate loans that have gone south. “We’re not going to make banks do deals that will crush the banks, but a lot of times … it’s better to have a performing loan … a loan that someone can pay than to have someone just walk away.”

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268 Pullman Ave

This two family in the City of Rochester NY is perfect for an owner occupant looking to own their own home and keep their cost down, or the investor looking for cash flowing properties. Many updates include the exterior just being freshly painted, and several replacement windows. Long term tenants occupy both units. View more Details, Property Management Company in Rochester NY

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This two family in the City of Rochester NY is perfect for an owner occupant looking to own their own home and keep their cost down, or the investor looking for cash flowing properties. Many updates include the exterior just being freshly painted, and several replacement windows. Long term tenants occupy both units. Click for more information in this investment property in Rochester NY , Property Management Company in Rochester NY, Search homes for sale and other investment property in Rochester NY

This single family in the City of Rochester NY, is perfect for an investor searching for cash flowing properties for sale. Many updates to this property include all new vinyl windows, and a roof. The Electric has been updated to breakers; property includes a two car garage. The vacant lot next door is included in the sale. Rented this property should generate around $800 month plus all utlilities.

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