NY Fed, City Bar Announce Formation Of Pro Bono Lawyer Group To Help Homeowners Facing Foreclosure

In New York City, Crain's New York Business reports:

• The Federal Reserve Bank of New York and the City Bar Justice Center are joining forces to help New Yorkers in danger of losing their homes to foreclosure. The two organizations [yesterday] announced the formation of the Lawyers’ Foreclosure Intervention Network, a pro bono pilot program that will marshal the resources of the city’s legal community to assist residents facing foreclosure.

• The program aims to narrow the gap between the number of legal aid lawyers trained to deal with foreclosures and the growing number of distressed homeowners.

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• Private lawyers rarely take on foreclosure cases because clients usually don’t have enough money to pay. The mounting crisis has stretched thin the few lawyers who work for nonprofit organizations that will take on such cases. The program will provide training to lawyers on ways to prevent unnecessary foreclosures. Lawyers will assist homeowners in assessing their options, negotiating with creditors and will represent them in court — if necessary.

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• Training sessions will be held June 18 and 19 at the City Bar [1.5 Days of Free CLE Training]. The program is one of many sprouting up across the city to help struggling homeowners, including the Center for New York City Neighborhoods, a nonprofit organization started by the city and partners.

For the story, see New legal aid program to protect homeowners (The Lawyers’ Foreclosure Intervention Network, a pro bono pilot program created by the Federal Reserve Bank of New York and the City Bar Justice Center, will assist residents facing foreclosure).

See also, New York Fed press release: New York Fed Announces Formation of the Lawyers' Foreclosure Intervention Network.

Go here for other posts on the Lawyers’ Foreclosure Intervention Network.