Heirs' property issues are exacerbated in NYC due to high-cost housing markets that make it more profitable for bad actors to steal homes and their equity with few options for alternative affordable housing for the displaced heirs'.
To purchase a median-priced home or apartment, they would need at least $165K in cash to cover a down payment, legal representation, and other up-front costs, given current averages. They would have to take on $620K in debt to finance the rest of this home purchase, likely priced as a ~$4K monthly payment for the next 30 years.
Our upcoming research with Wells Fargo estimates that ~350 heirs' property lawsuits occur annually, amounting to $400M in property value at risk that can be tracked through filings. Countless other homes are lost without even making it to court, as investors acquire all the interests through deceptive practices or the home is lost due to foreclosure.
Our research suggests there are thousands of households in NYC alone who need funding solutions, which is borne out in our on-the-ground work. Our partners have already identified active cases that require immediate financial intervention.
HP3 is only one of the tools in our toolbox to resolve heirs’ property problems. We also offer free Estate Planning resources statewide, as well as a range of other Lending Products tailored to fit the unmet needs of homeowners across New York State. Many of these solutions are delivered through the Home Owner Protection Program (HOPP) Network, which serves homeowners in need across the state.
How to Help Heirs’ Property Owners in New York State
If you would like to partner with the Center to bring this solution to your community, please reach out to Jess Wells-Hasan at external-affairs@cnycn.org.
If you are a housing counselor or legal services provider in NYS, click here to refer a client.
If you are a homeowner in New York who thinks this program could help you, please call our Homeowner Hub at 1-855-466-3456 or visit homeownerhelpny.org to be connected to a Housing Counseling/Legal Services provider who can direct you to the right solutions, including this one.
How to Help Heirs’ Property Owners in Other Areas
If you would like to partner with the Center to bring this solution to your community, please reach out to Jess Wells-Hasan at external-affairs@cnycn.org.
