New York City is intervening into struggling borrowers lives by offering them a lifeline through the city's Mortgage Assistance Program, an article in the NY Daily News said.
The program is funded by the New York City Department of Housing and Development and by the Center for New York City Neighborhoods, the article explained.
Additionally, it provides zero-interest, 30-year loans of up to $25,000 to homeowners at risk of foreclosure.
But before homeowners start flocking to the new program, the article notes borrowers must meet income thresholds and make a serious commitment to paying back a loan.
"The idea is to make your monthly mortgage payments affordable," said CNYCN Executive Director Christie Peale. "This isn't a quick handout."