There is great fear, after Hurricane Sandy, in areas throughout Brooklyn, Queens, Manhattan, Staten Island, Westchester County, and even the Bronx, over a new wave of foreclosures since the storm.
Some of the neighborhoods, like, Howard Beach, and Far Rockaway, Queens, many areas in Staten Island, Manhattan Beach, Brooklyn, and the South Street Sea Port, have been nearly destroyed. Many of the property owners are at a total loss. Some neighborhoods in Brooklyn, and Staten Island already fell victim to the 2008 housing-crisis, and were watching foreclosures throughout the borough rise. After Hurricane Sandy hundreds of thousands of New Yorkers remain without answers on their property.
Further damaging the chances for homeowners to strike a deal with their bank was the government shutdown in 2013. It sounds like the perfect storm; between a slumping economy, a high national unemployment average, Hurricane Sandy, the government shutdown in 2013, and a surge in foreclosures, where can homeowners go to for concrete answers on their home, and personal finances.
Premier Real Estate NYC is located in Manhattan. The company has helped dozens of victims of the storm find solutions to their hardship. Many homeowners in Brooklyn, Queens, Bronx, Manhattan, and Staten Island, have searched for answers from their respective lending institution.
Although the borrowers bank does not want to own, or take the home from the borrower, it does not make real efforts to negate the foreclosure. Some banks will actually increase pressure early on, even before the foreclosure begins.