Cash Aid to Help Homeowners and Reduce Foreclosure Rates

by cassy82 | October 15, 2009 at 08:59 am

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Distressed borrowers in Connecticut will get housing assistance in an effort to help them remain in their properties and reduce the growing foreclosure rates in the state. A $100,000 cash donation was made by a private company to a city's housing assistance program.

New Haven, Connecticut’s housing assistance program has received a financial donation to help boost its goal to reduce the foreclosure rates in the area. The Knight Libertas, a unit of the New Jersey-based capital markets firm, Knight Capital Group, donated about $100,000 to the housing assistance program.

The New Haven program helps distressed homeowners by providing them much needed cash that they can use to avoid foreclosures. The funds will be used by the Neighborhood Housing Services of New Haven to help troubled borrowers who want to seek mortgage refinancing but lack the money necessary to go through the process.

The money, which has been deposited in the rescue fund of the organization, is expected to help over 40 borrowers refinance their loans. The nonprofit organization explained that the money will act as bridge funding to help borrowers go through the process of renegotiating their loans and avoiding foreclosure proceedings.

By Cassiano Travareli