New York Foreclosure Crisis Continues

Even though overall foreclosure rates across the United States decreased by more than 24 percent from July 2014 to July 2015,¹ New York still has one of the highest rates of foreclosures in the nation—second only to New Jersey. Even the State Comptroller recently issued a report² indicating that the foreclosure crisis in New York was not even close to over and, in areas surrounding New York City, the foreclosure rate seems to be only getting worse. For example, the report shows that pending foreclosure cases in the Long Island area increased by 63 percent from 2013 to 2015 and there were close to 41,000 pending cases.

On top of causing tens of thousands of homeowners to face threat of losing their homes, the New York court system has also been affected by the overwhelming number of foreclosures in the state due to the judicial foreclosure process. Homeowners and lenders reportedly spend an average of 900 days on a single home from the date of the court filing to the date of the final foreclosure sale. With a huge number of cases lingering in the legal system and the number of new foreclosure cases being filed, these mortgage cases make up an estimated 30 percent of the caseload of the civil courts.

In addition to clogging the court system, the length of a foreclosure case makes it more difficult for struggling homeowners, as well. During the case, added interest and fees continue to pile up, making it more and more difficult that they will overcome their debt issues. The thousands of families who are regularly displaced from their houses then often put a strain on the communities and on other taxpayers. Many potential solutions to the New York foreclosure crisis have been suggested, but none have been effectively enacted to begin to solve the problems.

Consult with an experienced foreclosure lawyer as soon as possible

If you are one of the many homeowners facing foreclosure, your first call should be to a skilled foreclosure attorney at the Law Office of Ronald D. Weiss. We strive to protect the rights of homeowners in all situations and help them defend against foreclosure. Please call today at 631-296-0912 for help.

References:

¹http://www.housingwire.com/articles/35001-corelogic-national-foreclosure-inventory-shrinks-28-since-last-year

²http://www.housingwire.com/articles/34785-new-york-comptroller-states-foreclosure-crisis-far-from-over