The amount of foreclosures in New York is rising as a result of Hurricane Sandy. Not only is money lacking to continue paying off the mortgage, but many of the homes in areas like, Howard Beach, Queens, Far Rockaway, Queens, and many areas in Staten Island, Manhattan Beach, Brooklyn, and the South Street Sea Port, are beyond repair. Homes that had a mortgage, which were destroyed in the hurricane, still owe money to the bank.

There has not been enough work done to find a solution to the hardships for homeowners, after Hurricane Sandy in Brooklyn, Queens, Lower Manhattan, Staten Island, and Long Island. With so many homes destroyed, homeowners need to look for new solutions, and alternative ways to handle their mortgage, and overall financial situation.

It is recommended that a borrower who still owes a significant amount of money on his or her mortgage, needs to initiate the conversation to find a solution. Don’t wait for the bank to contact you, or chase after you. Once the bank contacts the borrower looking for the past three months of fees, and back payments, he or she will only have a few weeks prior to the motion of foreclosure.

Since Hurricane Sandy, foreclosures throughout Brooklyn, Queens, Bronx, Manhattan, and Staten Island have shown the true power of the storm. With New York gearing up for another long winter, one has to wonder, what is being done for the thousands of homeowners who are still without concrete answers. The federal, and state government has done little to pressure banks in New York City to find more aid, and hardship programs for its customers. [Read more...]