The COVID-19 pandemic brought about many sudden changes here in New York. Among empty streets, closures, and limited social interactoin, the Federal Housing Administration (FHA) alleviated homeowners from their monthly payments in light of the difficult times via a moratorium — lenders were instructed to pause collection until a later date.
Since payments resumed in 2021, however, many homeowners haven’t been able to keep up with the balance that had accrued during this stoppage and have succumbed to foreclosure; real estate data solution ATTOM estimates that foreclosure filings this May increased by 41% nationwide when compared to the same month in 2022. The foreclosure trend in the first half of 2023 even surpasses that of 2020, when the pandemic began.
The Law Office of Marc Scolnick, P.C. has protected countless foreclosure defendants throughout New York City. If you are at risk of foreclosure and in need of assistance, call us today at (718) 554-6445 to set up a FREE consultation!
Sources:https: //www.realtor.com/news/trends/foreclosures-are-spiking-how-bad-of-an-omen-is-this-for-the-2023-housing-market/
https://www.attomdata.com/news/market-trends/foreclosures/attom-mid-year-2023-u-s-foreclosure-market-report/
