There are also some cash grants provided by New York’s new Homeowner Assistance Fund, which allocates money on a first-come, first-served basis for qualifying low- and middle-income applicants.
FORECLOSED HOMES FOR SALE NEW YORK FOR FREE
New York provides several opportunities for free legal assistance to forestall or prevent foreclosure, as well as relatively strong homeowner protections established by the state in the wake of the 2009 foreclosure crisis. The numbers are grim, but just because a homeowner has fallen behind on their mortgage does not mean they will immediately lose their property, Inwald and other housing experts said. Another 127,000 households have “no confidence” that they will be able to make next month’s payment, while more than 402,000 homeowners have only “slight confidence,” the survey found. 11, finds that more than 250,000 homeowners are now behind on their mortgages. The most recent Pulse Survey, with data current as of Jan.
Kathy Hochul last month, a group of more than 50 legal service providers and advocates asked for additional funding to combat what they termed a “civil rights and economic justice crisis, not merely a housing crisis.” That rate was nearly 20 percent for homeowners of color, according to the federal data. Census Bureau’s twice-monthly Household Pulse Survey, which found that nearly 11 percent of New York homeowners- more than 400,000 households-were in delinquency or default between July and October.
“We are seeing mortgage distress rates that are really alarming and dwarf the numbers we saw during the Recession,” said Jacob Inwald, the director of foreclosure prevention at Legal Services NYC. Hundreds of thousands of New York households have fallen behind on their mortgages or property taxes during the pandemic, putting them at risk of losing their homes after statewide foreclosure protections expired earlier this month.Ī disproportionate number of those households are Black, Latino or Asian, potentially triggering a loss of equity in communities of color that outpaces even the 2009 financial crisis, experts say. Adi TalwarHomes on Tomlinson Avenue in Morris Park, The Bronx.
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