Wednesday, February 24, 2016
LONG ISLAND FORECLOSURE RATES
Today's NEWSDAY has an article "Long Island foreclosure rate dips, still higher than nation" and from that article:
"Now, with lower fuel costs and near-record-low interest rates — including rates as low as 2 percent for homeowners who received certain loan modifications — homeowners are more likely to struggle due to a serious illness or loss of a second job, Yopp said.
For one family seeking help at Long Island Housing Partnership, “they can’t get any assistance and there were heart issues, a kidney transplant. . . . The bank can’t do anything, [the homeowners] just don’t have the income” to afford their medical costs and housing payments, Yopp said. “It can be devastating.”
It took lenders an average of 1,010 days to foreclose on homes in New York State during the last three months of 2015, the sixth-longest delay in the country, according to California-based data company RealtyTrac."