The idea of losing a home can cause many individuals to feel despair. Unfortunately, numerous individuals face foreclosure every year due to falling behind on mortgage payments. While most parties hope to avoid such an event entirely, they may not know where to turn for assistance. However, certain foreclosure defense strategies may be able to help struggling homeowners.
It was recently reported that numerous New York residents not only faced foreclosure once but also experienced the process repeatedly. Apparently, the state takes the number-one spot for repeat foreclosures out of all states in the country, and New York City claims the spot among all cities. The report went on to state that repeat cases made up 73 percent of the nearly 50,000 foreclosure cases that took place in the state.
A variety of factors could contribute to why individuals may land in this predicament more than once. Sometimes, avenues they utilized in hopes of stalling foreclosure may not have worked in their favor, or they may have tried to address the predicament on their own only to have their efforts backfire. However, homeowners may still have options for saving their homes.
If New York residents are facing such a negative situation, exploring foreclosure defense options may help them determine their best courses of action. Even if they took steps in the past that did not prove useful, they may be able to find a better route if they gain the right information and assistance. Interested individuals may wish to speak with experienced attorneys who could provide such knowledge and advise parties on their specific cases.
Source: nypost.com, “Repeat foreclosures in the city have reached an all-time high“, Catherine Curan, May 7, 2017