While the peak of the foreclosure crisis has passed, thousands of New York City homeowners are still at risk of losing their homes. With the rising cost of living, unemployment rates, consumer debt, and predatory practices in the mortgage lending industry, low- and middle-income homeowners — often concentrated in communities of color — are especially vulnerable.
Foreclosure is a complex process filled with filing deadlines, court dates, and confusing interactions with mortgage servicers. But what is a foreclosure? And what does a homeowner need to know to keep their home?
CUP teamed up with the Legal Aid Society and design studio Work By All to create Yours to Keep, a bilingual, foldout poster in English and Spanish. By introducing players involved and breaking down key steps in the foreclosure process, the poster helps homeowners in NYC understand their legal rights and options to keep their homes.
The Legal Aid Society is distributing the guide at its weekly Foreclosure Prevention Clinics in the Bronx and Queens — the boroughs with the highest foreclosure rates in the city.