October brought an ugly surprise to hundreds of New Yorkers, as new foreclosure cases spiked dramatically.
More than 1,100 NYC households fell into foreclosure in October, a 32 percent increase from September, and a 37 percent increase from last year. Queens, which has been hard-hit since the foreclosure crisis began in 2007, had 400 new cases last month, nearly double the number of a year ago.
“People think the foreclosure crisis is toward the end, and it really isn’t,” said Rose Marie Cantanno, supervising attorney of the Foreclosure Prevention Project at the New York Legal Assistance Group. “There are still a lot of people stuck in the middle, trying to do something, but having trouble [negotiating with their lender].”
While last month’s results are well below the city’s October 2007 peak of 3,200 new foreclosures, experts fear the October 2016 uptick will continue.
The market for residential mortgages has shifted from big banks to specialized servicers and private equity owners.
15 comments:
Sure people are living pay check to paycheck and now these people will be homeless living in a flea bag hotel and on the bottom of the list for permanent housing.
Where are the agencies who can help these people?
This is a nightmare for people who once had a nice home to enter the hotel shuffle.
Do not see a solution to this mayor.
Mostly
in "minority" nabes.
Queens has been oversold , and those poor folks have been sold out by the real estate manipulators and speculators.
Either you can afford a house or you cannot.
The subprime collapse was due, in part , to a homeowner not knowing what he can really afford in a mortgage.
Of course, the predatory lenders where there to screw the people by convincing them that that could afford beyond their earning power.
These are the guys who then pick up foreclosed properties at bargain rate.
Clear a ghetto, legally, then build luxury housing in its place.
Poof! Social engineering at its lowest! And it has been going on in NYC for many decades.
Just another harsh indicator of the decline of the Middle Class. This service economy that we are now in just doesn't cut it. We need jobs, real jobs, that pay more than minimum or near minimum wage. Reinvigoration of manufacturing along with ridding ourselves of unneeded illegal immigrants might be a good start to rectifying the problem. This would have the added benefit of easing the overcrowding of in our urban centers. There could be plenty of trade jobs available in just rebuilding our crumbling infrastructure. Do I sound like Trump? Now you know why he got in. If this remedy fails we can always go back to the same old shit.
Obama can't protect them any more
If you went to college would you make more than minimum wage. The data would have shown you that 30 years ago. It's no one's fault but your own.
NOT THAT EVERY REAL ESTATE AGENT IS GREEDY AND EVIL BUT THEY DO HAVE PART OF THE BLAME FOR WHAT IS GOING ON IN DONALD TRUMPS QUEENS !!
Just like what happened during the homeless shelter crisis, where are the electeds?? Why so silent on this issue. Perhaps you are secretly buying these properties to enrich yourself once you leave office. Cowards!!
"If you went to college would you make more than minimum wage. The data would have shown you that 30 years ago. It's no one's fault but your own.".. Bullshit! I graduated college, own the business and make more than minimum wage but have not been able to pay my legal help more because I compete with others who have increasingly been using illegal immigrants for the past 20 years. My employees deserve a raise and so do I. BTW tell all the college grads who can't find a job other than Starbucks that they are better off.
Pop goes the bubble !
Meanwhile when Mr Obama is out of office, they will be living in a 5.3 million dollar house in Washington DC. Politicians are so full of crap it is ridiculous. Atleast with trump we already know he's living a lavish lifestyle before he came into office. Also, I'm sure Hilary and Mr Obama get paid atleast 500k dollars per speech they give in these colleges then they wonder why tuition is high? They are such hypocrits.....especially this idiot dumblasio who rents his house out for 5000/month and takes helicopters everywhere. Atleast with Mr trump, you already know what he's about up front. Go Mr trump!
why did they lie to the banks about their income? That's how a lot of these people got mortgages.
New York Legal Assistance Group is full of crap. They only help illegals and immigrants.
Do you know anyone who was helped by them?
Yeah....here we go again...another (racist?) blaming the rain, snow and sleet on poor lil' ol' "Black" President Obama.
ALL PAST PRESIDENTS LIVE WELL. Why don't YOU run for the presidential office? Too much work? Better to sit back and be an armchair quarterback? Let's see how Trump helps his rich friends and leaves the middle class hanging by their family jewels.
The lower classes are already crushed to dust.
Believe in a false messiah, and you will be left to pay the bill, while the wealthy guy beats the check and is out the door before you can sneeze.
Hmmmmm....we will see what the future holds for America.
If Trump does a good job.....so be it.
If he does not, another president will be elected in four years. If any president abuses the Constitution.....
IMPEACHMENT! That 's the way a republic works.
Have faith and give The Donald his day at the helm.
First:
"If you went to college would you make more than minimum wage. The data would have shown you that 30 years ago. It's no one's fault but your own."
Then the response:
.. Bullshit! I graduated college, own the business and make more than minimum wage
Then my response:
You said "bullshit" then agree that you make more than minimum wage.
If your employees deserve a raise and you can't provide it, why don't they look for another job or go back to school and get a better job? Maybe it's not that other companies higher illegals, maybe you suck at running your company.
Yeah....here we go again...another (racist?) blaming the rain, snow and sleet on poor lil' ol' "Black" President Obama.
ALL PAST PRESIDENTS LIVE WELL. Why don't YOU run for the presidential office? Too much work? Better to sit back and be an armchair quarterback? Let's see how Trump helps his rich friends and leaves the middle class hanging by their family jewels.
The lower classes are already crushed to dust.
Believe in a false messiah, and you will be left to pay the bill, while the wealthy guy beats the check and is out the door before you can sneeze.
Hmmmmm....we will see what the future holds for America.
If Trump does a good job.....so be it.
If he does not, another president will be elected in four years. If any president abuses the Constitution.....
IMPEACHMENT! That 's the way a republic works.
Have faith and give The Donald his day at the helm.
Why does everyone play the race card? Yes, it is very hypocritical that ALL the presidents live such lavish lifestyles after they leave office. They see the fact that there is so many homeless people out there but yet they CHOOSE to live in huge, expensive houses when they pay little taxes on because they use to be president. Meanwhile the homeless and middle class struggle to survive and pay taxes on everything. So, no, none of this is fair that the politicians live in huge houses while the rest struggle. They are all full of crap. Atleast Trump inherited part of his fortune and had a business BEFORE HE RAN for presidency. Yet, you idiots just Want to see race and assume that everything is racist. Everything said again Obama is always a racist complaint according to you idiot liberals!
Because YOU ARE A RACIST. Nobody is playing the "race card" here.
If you love Trump, so be it.
That is American democracy at work. He won.
Now, go and build an alter to Der Donald an genuflect daily before breakfast.
I, for sure, will not be sucking his joint!
Post a Comment