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Despite homeowner advocates’ concerns, some industry experts argue the flurry of post-pandemic foreclosure filings won’t be nearly as damaging as they were in the years after the 2008 recession. Today’s high home prices mean that even many of those struggling will have built up equity over the years, shielding them from financial disaster.
The family, which had fought to stave off the sale of their home since 2012, did not attend.
It takes a very long time and many chances at loan modification to get to foreclosure. I have bought property right before it went to the auction block, after it had winded through the foreclosure process for YEARS!!!!
If you own a property for more than 5 years and allow it to go to foreclosure. Well, that is just poor financial decision making. many investors are beating down people's doors to buy any house anywhere.
"Fifty thousand dollars could go a long way for Emerson and Maria Ison, who have lived in their elegant, one-story brick home in Canarsie, a majority-Black neighborhood in Brooklyn, for more than a decade. In February, Pale Horse Realty, an asset management company, launched a foreclosure proceeding against the family alleging they had failed to make their monthly payments for years. But the principal the Isons owe is relatively small, just shy of $58,000, according to the company’s court complaint.
In a brief conversation on the Ison’s porch, an elderly Caribbean woman told THE CITY that the family had applied to the Homeowner Assistance Fund, but was still waiting to hear back."
Great investigative journalism, what insight! Notice reporter did not ask, nor couple tell just why they haven't paid their mortgage in "years".
It's always something with certain groups; everyone else either pays their rent or mortgage, or suffers consequences. But when it happens to a select group entire world must be turned upside down because it just isn't fair....
Even in best of times it takes *YEARS* to foreclose on property in NYS. Residential wise NY is one of a small number where both debtor and mortgage note holder appear on deed and thus "own" property. In other states the bank or whoever holds note owns property until debt is paid off.
Property values in Canarsie have been pretty much flat since 2017 if not before. If people paid too much for their property, that isn't anyone else's fault.
What often does happen (and came out in 2008 recession fallout) is that people flooded out there and other areas to buy a home no matter what. Not only did they paid more than they should for properties, they often relied upon overly rosy income predictions. That is they only got the house by every GD adult in house working all hours God gave. This and or they counted heavily on rental income to help with mortgage payments.
Of course when you do such things and are walking on a budgetary tight rope, just one small hiccup and you're in trouble. Things like tenant moving out/ not paying rent. One or more members of household loses work or isn't doing same amount of hours as previously. For whatever reasons income now isn't what is was or should, but that mortgage note each month is what it is...
Another thing is these people don't understand just what loan modifications actually accomplish. It isn't as if you'll owe less, but payments are reduced in exchange you'll be paying that note for a longer period of time with more interest tacked on.
Sometimes missed payments (and interest) are tacked onto end of note, others they are capitalized into new loan which is bad. Yes, on paper you now are making a lower payment, but you'll also be paying interest on interest.
Property values in Canarsie have been pretty much flat since 2017 if not before. If people paid too much for their property, that isn't anyone else's fault.
What often does happen (and came out in 2008 recession fallout) is that people flooded out there and other areas to buy a home no matter what. Not only did they paid more than they should for properties, they often relied upon overly rosy income predictions. That is they only got the house by every GD adult in house working all hours God gave. This and or they counted heavily on rental income to help with mortgage payments.
Of course when you do such things and are walking on a budgetary tight rope, just one small hiccup and you're in trouble. Things like tenant moving out/ not paying rent. One or more members of household loses work or isn't doing same amount of hours as previously. For whatever reasons income now isn't what is was or should, but that mortgage note each month is what it is...
Another thing is these people don't understand just what loan modifications actually accomplish. It isn't as if you'll owe less, but payments are reduced in exchange you'll be paying that note for a longer period of time with more interest tacked on.
Sometimes missed payments (and interest) are tacked onto end of note, others they are capitalized into new loan which is bad. Yes, on paper you now are making a lower payment, but you'll also be paying interest on interest.
Many purchase their home heavily relying on rental income. That's why Canarsie is crap hole. Instead of 3-5 people living in a home. The typical home houses 10 -15.
Central Harlem has the highest % behind on their mortgage at 17% . If they bought awhile ago, the value should have gone up quite a bit. Why not just sell if they can't afford the mortgage, take the equity and move to a cheaper neighborhood.
Central Harlem has the highest % behind on their mortgage at 17% . If they bought awhile ago, the value should have gone up quite a bit. Why not just sell if they can't afford the mortgage, take the equity and move to a cheaper neighborhood.
What "cheaper" neighborhood do you suggest? People are so out of touch. Prices are going up all across the City. There is nowhere "cheap" anymore, unless they're moving out the City, and not everyone has the financial means to do that.
What "cheaper" neighborhood do you suggest? People are so out of touch. Prices are going up all across the City. There is nowhere "cheap" anymore, unless they're moving out the City, and not everyone has the financial means to do that.
It's not out of touch to suggest that there are much much cheaper neighborhoods to buy in besides Harlem. Look it up.
It is when you don't know their circumstances. NYC is still majority renters by a mile, so those who buy, many of them are not rolling around in money.
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