Empowering people •Building Communities •Strengthening Southeast Queens Since 1974

 

Empowering people and changing communities

 

 

 

 

 

 

 

 

 

 

 

Empowering people and changing communities

“Mickens’ staff blames the army of aggressive independent mortgage brokers who descended on the neighborhood in recent years, their storefront offices sharing equal space with the auto body shops and bodegas along Hillside Ave.”

 

“Jackie Camacho, an NHS loan counselor, said many of her immigrant clients were duped into mortgages that promised payments of, say, $1,700 a month on loans often in excess of $500,000. Sounds great, right? A loan of that size would typically generate a monthly payment of more than $3,000.”

 

“Cerinelly Disla, an NHS foreclosure advisor, said many of her clients clearly got in over their heads. One client with a $28,000 annual income used a ‘no income verified’ loan (the name speaks for itself) to obtain a $650,000 mortgage.”

Gotham

 Gazette

“When you do the math,”’ said program coordinator Cerinelly Disla, "basically, the income is not there to support that mortgage plus all of the household expenses." Yet, she added, as shaky loans rupture throughout the neighborhood, there are "no programs out there to help these clients."

“A lot of them were led to believe that refinancing is very easy. No problem you can refinance in two years. The ones they knew they had an adjustable rate mortgage. Oh, you can refinance. No problem. But the reality is that if your income is -- you cannot verify your income, it's going to be hard for you to refinance and get out of that adjustable rate mortgage.”      Cerinelly Disla NHS foreclosure counselor.

 

 

 

Empowering People •Building Communities •Strengthening Southeast Queens Since 1974