Another home saved from foreclosure in Cypress Hills

HomeMr. Chong is a local Cypress Hills resident. Like many homeowners, he was paying off a 30 year mortgage at a high interest rate and was struggling to support his wife and child. He then became unemployed, and began to fall behind on his monthly mortgage payments, with unpaid bills piling up.
Mr. Chong came to Cypress Hills Local Development Corporation seeking help to hold onto his home. Our Mortgage Foreclosure Counselor, Gladys DeSantiago, worked with Mr. Chong and advocated for him with his lender. He learned about budgeting and resources to support his family.
After a couple of months of counseling, packaging a loan modification application, and staying on top of its processing, our staff helped him to obtain an affordable loan modification, which came with a principal reduction of more than $300,000! His new mortgage, monthly payments and interest rate were all reduced by nearly half.
Mr. Chong is now back to work and keeping up with his mortgage payments. “Mr. Chong was so happy that we were able to help him save his home,” reflected Gladys DeSantiago, CHLDC’sĀ Mortgage Foreclosure Counselor who worked with Mr. Chong. “He was so happy with our services, he is now referring his neighbors and friends to CHLDC for help saving their homes.”
Homeowners interested in Mortgage Foreclosure Prevention Counseling can complete our online intake form.
CHLDC gratefully acknowledges the supporters of our housing counseling work: the Honorable Erik Martin Dilan, Councilman, 37th C.D.; NYC Department of Housing Preservation and Development’s Housing Preservation Initiative; the National Council of La Raza and the United States Department of Housing and Urban Development’s Housing Counseling program; NYS Homes & Community Renewal; NYS Attorney General’s Office; the New York Mortgage Coalition; HSBC, and Wells Fargo Foundation.

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