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Aid for Owners With Homes Under Single Family Foreclosure Listings

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By : John Cutts    99 or more times read
The number of residences under single family foreclosure listings and other foreclosed property listings continue to increase in most areas of the United States, and New York is no exception. Although the state's housing market has performed better than other major U.S. areas, it is still facing a big number of foreclosure-related problems.

A lot of homes in the state are facing possible inclusion to New York foreclosure listings. On top of this, both sellers and home buyers need to cope with the wide-reaching effect of declining property values in the state. According to the latest Comptroller Office report, the downstate area has been hit the hardest by the foreclosure crisis.

Although foreclosure listings in New York remain a problem, state officials and agencies are not losing hope that the local housing market will soon find its way towards recovery. To hasten this anticipated improvement in the residential real estate market, a handful of programs have been launched to aid homeowners who are facing potential foreclosures.

One such program was launched by the Rural Ulster Preservation Co. (RUPCO). The program by RUPCO aims to help families and other homeowners who are in danger of losing their properties to single family foreclosure listings and other foreclosed property listings in the state. The property preservation program is offered to troubled homeowners for free and is designed to assist homeowners in finding ways to retain their homes.

To prevent their residential properties from being included in a foreclosure list of homes for sale, homeowners can approach RUPCO and explore various solutions, including modifying their loans to enable them to pay them in time without totally draining their pockets. The agency also explores other options with troubled homeowners, such as redeeding the home back to the holder of the mortgage or selling it through short sale. The group also assists homeowners who have sold or lost their homes by helping them find more reasonable living arrangements.

RUPCO is under the Hudson Valley Foreclosure Prevention Program. It operates in areas like Orange, Sullivan, Dutchess and Ulster counties. Officials from the agency have revealed that most of the cases they encounter of homeowners losing their homes to single family foreclosure listings are due to job loss or income decline.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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