NYC Foreclosure Rates Rise

A new report was just released by Property Shark indicating that foreclosures in New York City have increased to the highest levels in 8 years. Compared with the rate of foreclosure in 2016, New York City saw a whopping 58 percent increase, totaling at 3,306 foreclosures. The borough with the highest increase in foreclosures from 2016 to 2017 was Staten Island, with an increase of 134 percent. The last time New York City’s foreclosure rates were this high was when the United States was going through a financial crisis from 2007-2010. In 2012, New York City’s foreclosure rates dipped all the way down to 936, with a slight increase each year since. The area around Jamaica, Queens had the highest number of foreclosures at 114, closely followed by an area in eastern Brooklyn, with 113.

The report also notes that there were 12,072 filings for lis pendens, which simply means that the foreclosure process is beginning. This is actually 4 percent lower than it was in 2016. However, with the help of a bankruptcy attorney, the foreclosure process can be stopped in its tracks, as it clearly was for thousands of homeowners last year. If you are struggling to pay your mortgage each month, it may be time to consult with a bankruptcy attorney in an effort to save your home from foreclosure. Contact our firm today to see how we can help.

If you require the services of an experienced Bankruptcy attorney, contact the Law Offices of Allen A. Kolber, Esq. today to schedule a consultation and discuss your options.