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Advocates Target Bank Owned Condo Foreclosures in Brooklyn



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By : Allana Castro    99 or more times read
Housing nonprofits and government officials are trying their best to contain the surge in bank owned condo foreclosures in Brooklyn, as repossessions continue to increase in the borough.

In the first quarter, based on data from the New York University Furman Center for Real Estate, Brooklyn bank owned properties accounted for 36.6 percent of all total foreclosures in New York City during the quarter. Queens posted the highest number, comprising 36.8 percent of total foreclosures.

All in all, a total of 4,226 homes in the city were at risk of becoming bank owned properties in New York City in the first quarter, posting an increase of more than 16 percent from around 3,600 distressed homes in the first quarter last year.

Among several efforts to prevent further increases in bank reo properties in Brooklyn are workshops sponsored by legislators.

In East Flatbush, a free foreclosure prevention and homeowner counseling workshop will be sponsored by City Comptroller John Liu this week. Several state senators together with the Neighborhood Housing Services of East Flatbush and the Brooklyn Housing and Family Services will help Liu carry out the project.

All these officials and community advocates became concerned about the recent surge in bank owned condo foreclosures in Brooklyn, so they organized a group of government-certified counselors who will help troubled homeowners negotiate with mortgage services and lenders during the workshop.

A similar workshop will be offered this week for Staten Island borrowers. This will be sponsored by Representative Michael McMahon who also represents Brooklyn residents. Among experts who will help homeowners are members of the New York Urban League and the Staten Island Legal Services.

In addition, one legislation designed to help unemployed homeowners keep their homes is being backed by New York Senators Kirsten Gillibrand and Charles Schumer. The Homeowners’ Relief and Neighborhood Stabilization would help jobless homeowners nationwide by granting a total of $3 billion in HUD loans to them. With this program, the pace of bank owned condo foreclosures and other residential foreclosures are expected to slow down.
Original Post: Advocates Target Bank Owned Condo Foreclosures in Brooklyn on BankOwnedHome.net.

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