New York, NY – Foreclosure on the Rise in Manhattan

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    New York, NY – Until now, Manhattan has largely been spared from the foreclosure crisis that has spread across the country, and into the surrounding region and boroughs.

    But in recent months, mortgage lenders, real estate brokers and financial counselors have noticed that more apartment owners in Manhattan are missing payments, putting their apartments up for sale to avoid losing them to foreclosure and seeking advice about keeping up with payments.

    Court filings show that some of these apartment owners have well-paying jobs as lawyers, professors and bankers. Their Facebook pages feature them at parties with friends, and their LinkedIn bios list prestigious careers and educational credentials, and they live at tony addresses.

    The number of Manhattan homeowners whose names have appeared in court filings for missing three or more mortgage payments – the first step in the foreclosure process – rose by 78 percent in July from the corresponding month a year earlier.

    Jessica Davis, the president of Profiles Publications Inc., which tracks foreclosure filings, has seen a marked increase in Manhattan filings in the last two months – a jump that she saw in Queens and Brooklyn a year ago.

    Still, the proportion of Manhattan apartment owners facing foreclosure is very small in relative terms. Only one in 50,000 Manhattan residences typically winds up at a foreclosure auction. That compares with one in every 526 homes in Los Angeles or one in every 4,300 homes in Queens.

    While beleaguered homeowners in Queens and Brooklyn may owe $400,000 on their mortgages, Manhattan owners may owe $800,000 to $1 million because they were able to borrow against the higher value of their homes.


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    8 Comments
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    Disguise
    Disguise
    15 years ago

    How sad……

    I remember a couple of years back mortgage brokers and heimish appraisers were telling me that when this “no credit check” mortgage thing is going to collapse, half the US will fall along.

    That’s how weak the whole system was.

    Hashem Yerachem this is a Malchus shel Chesed.

    Anonymous  sara
    Anonymous sara
    15 years ago

    this comes to show never beleave in yourself on till the day you die

    there’s no garantys you may have billions today bit no one knows what will be tomorow

    Ezra
    Ezra
    15 years ago

    What is a heimish broker? is that like heimish challa?

    m hatznioss
    m hatznioss
    15 years ago

    yes just like heimishe chalah costs more money so too does a heimishe broker

    m hatznioss
    m hatznioss
    15 years ago

    It could be that now my “good friend” who has many buildings and when I (a kolel yungerman with a large family and a big tuition with rent and a heimishe education )asked him not for money just if he could use his connections to be able to help and now a couple years later his buildings will be “only” worth “a few hundredt million dollars ” he will feel for me and try to help me out.

    m hatznioss
    m hatznioss
    15 years ago

    clarification the only help I asked him was to hlp me find a job or even to direct me to a buisness that he will able to give me buisness

    political  analyst
    political analyst
    15 years ago

    even with manhattan forclosures up- remember that manhattan real estate is a breed of it’s own & very unique.

    Anonymous
    Anonymous
    15 years ago

    Ezra

    It’s like overnight kugel…