Brooklyn Foreclosures Rise 27%
May 1, 2008
I ran across a story in the New York Post, by way of Brownstoner, that indicates Brooklyn foreclosure rates jumped nearly 27% in the first quarter of 2008. That may sound bad, but consider this - the foreclosure rate in the rest of the city has gone up between 34.9% (Bronx) and a staggering 101% (Staten Island). And the rest of the country is faring even worse, with a leap of 112% year-over-year.
The part that bugs me is the fact that so many of these foreclosures could be fought if only the homeowners knew there were lawyers out there to help them. Instead, they sit idly by and wait for the gavel to fall. Their homes gone, their dreams dashed, and their equity stripped away by hyper-inflated foreclosure costs and legal fees to the lender’s attorneys.
Homeowners across the country have fallen victim to the ruthless banking industry and their shell game of “moving mortgages.” The loan is sold, sliced and diced so many ways that in the end there is no single entity to whom you owe money. In fact, nobody can even prove they have the right to foreclose.
But do homeowners know this? Nope.
So the statistics mount on a daily basis, the carnage getting worse each quarter. It won’t be long until huge swaths of New York City are boarded up and abandoned, shadows of the 1970’s and urban decay.
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