Albany, NY – December 10, 2013 – (RealEstateRama) — Governor Andrew M. Cuomo today announced that his Administration is proposing to expand the mortgage relief options available to struggling ‘underwater’ homeowners, who owe more than the current market value of their homes. The Department of Financial Services (DFS) is issuing proposed regulations that would authorize and encourage “Shared Appreciation” mortgage modifications in New York. Under a shared appreciation modification, banks and mortgage servicers reduce the amount of principal outstanding on a borrower’s mortgage in exchange for a share of the future increase in the value of the home.
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