The idea of losing a home is not one that most people want to entertain. Unfortunately, finding themselves in this type of situation is not foreign to many individuals, and the stress and anxiety of falling behind on payments may cause those parties to feel as if they have no options. However, creating a foreclosure defense could help, and residents who have fallen considerably behind on their mortgage payments may find such assistance useful.
It was recently reported that 2017 saw that most foreclosures in New York City since 2009, which was during the latter years of the mortgage crisis. Approximately 3,300 homes where intended to be put up for auction last year, and that number indicated that the foreclosures had nearly doubled since 2015. There were reportedly 1,762 auctions that year for first time foreclosures.
Various areas of the city saw differing impacts of the increases. Queens in particular saw the highest rate with 114 homes being scheduled for auction. Brooklyn saw an increase from 898 foreclosures in 2016 to 1,260 in 2017. Individuals in the higher-income areas of the city were not immune to the foreclosures as a $22.5 million apartment went up for auction.
Falling behind on mortgage payments can happen to anyone. Unfortunately, the struggles that facing a possible foreclosure can bring can leave New York residents feeling overwhelmed. Luckily, interested individuals may have options for foreclosure defense. In order to learn more about these potential options and how they could possibly apply to an individual case, concerned parties may wish to enlist the assistance of knowledgeable attorneys.
Source: curbed.com, “In 2017, NYC foreclosures reached its highest level since 2009“, Ameena Walker, Jan. 9, 2018