Home Foreclosures in Queens, NY Reaches Highest Rate Since the 2008 Recession

by San Antonio Attorney

In 2016, New York had 2,202 homes that were foreclosed.  For the first time in five years, foreclosures have reached an all-time high.

First-time foreclosures in the 5 communities have increased by 141% within five years — although they are hardly as high as the figures in 2008 and 2009.

In 2015, the first-time foreclosures in Queens were 804.  In 2016, it had 933.

The area of St.  Albans, Hollis and Jamaica had the greatest numbers of foreclosures in 2016, according to reports.  The area listed 84 foreclosures in 2015 — the peak of new foreclosures in one area.

Although Queens comprised 42% of first-time foreclosures in New York City in 2015 and continued to be the place with the highest foreclosure rate, it did not account for the highest increase annually.

According to reports, the high rate of foreclosures in New York City is part of the housing crisis in the city.  The cause of this is a combination of increasing income inequality, approving loans to more people unable meets their mortgage payments, and unbridled assumption, in which investors exploits the contrast between the increasing numbers of foreclosures and the escalating demand for properties by the rich people.

A mortgage lender or bank is going to foreclose your home if you don’t pay them in accordance to the terms of your loan.  But if you want to keep your home, there are legal means to block a foreclosure and learning them may help you keep your home.

If the lender has sent you a foreclosure notice or you expect it to happen, you should speak to a San Antonio Real Estate Attorney to discuss your options.

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