New York home foreclosures continue to surge in the multifamily sector as a sharply rising number of affordable housing owners face severe financial troubles. About 100,000 affordable housing units in New York City are in severe financial distress or in foreclosure.
In support of President Obama’s affordable-home initiatives, the state of New York and several legal nonprofits in the state have been offering assistance to troubled borrowers to prevent their houses from following the fate of thousands of foreclosed homes in the state.
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