Real Estate Pro Articles
   
   

Bronx Home Auctions Addressed by Habitat and Chase



[Valid RSS feed]  Category Rss Feed - http://www.realestateproarticles.com/rss.php?rss=265
By : John Cutts    99 or more times read
Bronx home auctions have become the focus of attention for Habitat for Humanity and Chase over the past weeks. Chase is one of the banking operations of JPMorgan Chase that serve consumers and small business enterprises.

Certain Bronx neighborhoods continued to suffer defaults and foreclosures, and in 2009, they contributed substantially to the more than 84,000 foreclosure postings in the New York metro area.

To help solve the negative impact of foreclosures on neighborhoods in New York City, including the effects of pre foreclosures in Bronx, the Habitat for Humanity was provided with $10.54 million from the second funding round of the HUD Neighborhood Stabilization Program. For all its projects in five states, Habitat received a total of $137.62 from the second NSP funding round.

Josh Lockwood, head of the New York Habitat for Humanity, said Habitat provides an affordable 30-year fixed-rate home loan with one-percent down payment, two-percent mortgage rate and 300 hours of sweat equity. The federal tax credit is also an additional benefit for first time home buyers.

Habitat will also use part of the NSP funds to buy and fix foreclosed homes in Bronx. But in the meantime, they are focusing on neighborhoods in Oceanhill-Brownsville and Bedford-Stuyvesant in Brooklyn, where a lot of homes have been foreclosed and abandoned.

Lockwood said that the NSP program has a time frame of only three years, with 50 percent of the funds spent within two years, so Habitat needs to identify and purchase properties from Bronx home auctions and rehabilitate them within the allotted time.

Habitat has been among the most successful nonprofits. For a 41-unit condo project in Brownsville, it received more than 9,000 inquiries. Lockwood said the demand level is high, but Habitat has to serve first the low-income families and the first time homebuyers.

With similar intentions, Chase opened two more home ownership centers in Brooklyn and in the Bronx to help more Chase borrowers save their homes from foreclosure. All in all, Chase has opened 5 centers in the area encompassing the Bronx, Brooklyn, Flushing, Jersey City and Paramus and has opened 37 centers throughout the country.

In 2009, Chase has hired almost 6,000 professionals to carry out its loan modification program.

According to David Schneider, mortgage servicing head at Chase, the counseling facilities in the Bronx are open from Monday to Friday with trained advisors to counsel homeowners at risk of losing their homes to Bronx home auctions.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

Related Articles



Actions
Print This Article
Add To Favorites



Sponsors

 

 

© All rights reserved to Real Estate Pro Articles