New York Among States With Most Foreclosures This Year
It seems that the number of people who are due to lose their home in court is on the rise all across the country, this is especially true in New York even after Empire State lawmakers changed its foreclosure laws in 2022.
According to the 1st quarter National Foreclosure Report from ATTOM, foreclosures on residential homes have risen significantly in the first 3 months of 2023 and the trend is for it to increase even more.
Nearly 100,000 foreclosures have been filed nationwide through March 31, 2023; this is reportedly the 23rd consecutive month with rising rates and New York is among the states with the most filings. In addition to New York State being in the top 5 states with forslcoures, New York City has the unfortuantely distinction of being the city with the most foreclosures in the nation.
Foreclosure prevention advocates from around the state have been ringing alarm bells about a pending foreclosure crisis due to fallout from the COVID-19 pandemic and the large amount of poeple who lost significant income during the height of the health crisis.
New York On The Verge Of End Foreclosure Assistance for Homeowners
New York is one of the few states in the country that offers free foreclosure prevention servives to residents who have fallen behind on thier mortgages. However, according to the most recent drafts of the state budget, those services look like they're going to be eliminated.
If that does happen, more than 300,000 New Yorkers would lose access to services that have been helping them stay in their homes and nearly 90 different foreclosure prevention programs across the state would end almost instantly.
New York State Senator Sean Ryan held a public event in February 2023 to talk about what would happen if these important services are ended by the State.