The Refinance Program All Ulster County Residents Should Know About

The “Keep the Dream” NYS financing program has been created to help minimize homeowner payment shock. Posed with the threat of homeowners not being able to afford their fully indexed mortgage payment, SONYMA announced that they will offer the opportunity for New York State residents to refinance their mortgage into an affordable fixed 30 yr or 40 yr mortgage through the “Keep the Dream” program. A tidal wave of borrowers who purchased their homes with adjustable mortgages will be unable to afford their mortgage payment once the introductory teaser rate balloons to the fully indexed rate. SONYMA seeks to minimize the financial impact of these adjustable loans by providing distressed homeowners with an affordable refinancing solution. The purpose of the program is to help distressed homeowners to prevent foreclosure.

Ulster County Real Estate Owners who purchased their home with a risky mortgage and who are undergoing financial hardship should become aware of this program, as it is a viable option to maintain mortgage payments close to their current level.

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