AAFE Community Development Fund’s Emergency Foreclosure Prevention (EFP) Loan is a product designed to assist homeowners who are at risk of foreclosure on their homes. The New York metro areas, as well as the nation as a whole, have been deeply affected by the foreclosure crisis. As recently as February 2011, 67,620 mortgages in New York City were in a stage of delinquincy. An estimated 10,568 homes were in foreclosure in Brooklyn alone.
In order to stem the tide and keep people in their homes, AAFE CDF created the EFP Loan with the purpose of reducing principal payments for homeowners and paying off any accumulated mortgage arrears. With a loan maximum of $30,000 dollars and interest rates as low as 5%, the EFP Loan is designed to prevent more New Yorkers from losing their homes.
Eligibility
To qualify for this loan, a prospective client must meet all of the following criteria:
- Own a 1-4 family home, a condominium, or a cooperative for owner-occupancy in one of the five boroughs of New York City.
- Meet the income eligibility requirements.
- Must receive individual counseling from an AAFE CDF Foreclosure Prevention Counselor.
Who will be assisting me throughout the loan process?
Our foreclosure loan servicesare conducted on a one-on-one basis with one of our trained Foreclosure Prevention Counselors.
How can I apply?
If you are eligible and would like to apply please Contact Us call (212)-964-2288.
