According to advocates, a big number of homeowners are still in danger of losing their properties to Bronx foreclosed home auctions and other foreclosed property auctions in various areas of the state. They asserted that funds are needed to supply troubled borrowers with free legal assistance to help them negotiate with lenders and save their properties from foreclosures.

The budget for the state program which assists homeowners in keeping their properties out of New York foreclosed home auctions has been cut from the state budget for the 2011-2012 period, reports have revealed. Meanwhile, those funds that are coming from more than 100 different agencies are also set to run out at the end of the current year. Housing advocates have asserted that the withdrawal of state support will likely result in ending the foreclosure mitigation effort. They argued that legal assistance and foreclosure counseling initiatives are necessary in the area if it wants to control further increases in foreclosure numbers.

Housing market analysts have reported that, currently, more than 3,400 properties are in danger of being sold as foreclosure property at auctions in the area of Bronx alone, ranking the borough second statewide in terms of highest number of pre-foreclosure properties. Supporters of homeowners in the region have petitioned the governor's office to reinstate the funding to help these homeowners and other troubled borrowers in various areas of New York.

They also warn state officials that the housing market crisis is not yet over and that the state has only gone through one-third of all potential foreclosures. They further argued that vacant properties are increasing in the region, primarily because of foreclosures, and this will result in neighborhood deterioration and loss of revenue taxes for the state. New York has reportedly cut down appropriations for the program in an effort to lower the budget deficit.

Homeowners who were able to save their homes from becoming foreclosure property at auctions also participated in the rally. Some of them have asserted that lawyers working for the program were able to help them negotiate for a reduced monthly payment which saved their homes.

Advocates Call for Funds to Address Foreclosure Property at Auctions is a post from Foreclosure-Auction.net - Your online source for foreclosure property auctions.

According to reports, the plan was part of a New York Communities for Change initiative designed to encourage lenders to modify loan mortgages to lower the number of homes offered at New York foreclosure auctions. Officials from the union have reportedly revealed that Chase was chosen because it handles a huge number of home loans in the area. The lender has allegedly turned down a big number of loan modification applications.

The unions' officials also stated that they will collaborate with community leaders to convince investors to divest Chase assets if steps are not taken to help borrowers in danger of losing their properties to foreclosure auctions in New York. The two unions, United Federation of Teachers and Transport Workers Union, have a combined worth of over $300 million of pension funds invested in Chase.

According to local housing industry experts, it is unsure whether the effort will help the city in its problems with foreclosures and REO properties as the pension boards need to agree with the campaign first. In addition, a Treasury Department report issued last December showed that Chase has granted permanent modification to 34% of its mortgage holders; a figure that, on average, is the same as other banks.

Meanwhile, union officials have claimed that majority of borrowers who applied for a modification at Chase have been turned down and that most of them lost their properties to public foreclosure home auction listings. They estimated that only around 6% of the more than 1,000 homeowners who applied for a permanent modification during the period July 2008-December 2010 have been approved.

In response, a Chase spokesperson has stated that the bank has done everything it could to help troubled homeowners and contribute to solving the problem of the city with foreclosures and REO properties. The lender also stated that it has opened several centers in the state to provide counseling services.

NYC Unions Weigh in on Foreclosure and REO Properties Problems is a post from Foreclosure-Auction.net - Your online source for foreclosure property auctions.

The program is also meant to prevent unsold properties, including those offered at Bronx foreclosure auctions, from causing neighborhood blight. According to local officials, the program will use tax, bank and home code violation data to identify residential properties that are in need of attention and help. Local authorities also revealed that tenant groups will contribute to put the program in place.

According to housing market observers, a big number of properties offered at New York home auctions does not get sold and might stay in the market for quite some time. Prior to the introduction of the program, which will be called Proactive Preservation Initiative, these properties are not identified until a complaint has been filed. The latest effort will not wait for any complaint but will actively seek out these properties.

The latest effort is not only of interest to property owners and residents, but also to homebuyers and people involved in foreclosure investing. According to authorities, most of these neglected properties go unreported, with neighbors and tenants opting to wait until the condition of the building and its effects on the community have gotten worse before they file a complaint. Under the new initiative, once properties in need of attention have been identified, a group of inspectors will be sent to the place to examine the premises.

Authorities reveal that if any of the unoccupied properties, including those that have been offered at house foreclosure auctions, has been found to have violated any code, steps will be taken to enforce rules. Part of the method to ensure compliance is an offer of financial counseling and issuing of preservation loans.

For worst case scenarios, an ownership transfer might be demanded, authorities have revealed. They also stated that residents, property owners and even homebuyers and people in foreclosure investing, should be aware of the new program and what it aims to do.

People Involved in Foreclosure Investing Take Note of NYC Home Codes is a post from Foreclosure-Auction.net - Your online source for foreclosure property auctions.

Homes offered at Brooklyn home auctions and at foreclosure auctions in other areas of New York will likely increase in the coming two quarters or so as New York's delinquency rate rose during the July-September 2010 period compared with the same 2009 quarter. According to a report by TransUnion, several states in the Northeast region recorded significant increases in loan delinquency rates.

Aside from properties offered at home auctions in New York, foreclosure rates in areas like Delaware, Connecticut, New Jersey and Maine are also projected to rise in the coming quarters as these states also posted significant increases in the number of delinquent borrowers for the 2010 third quarter. The figure includes homeowners who are at least two months late in paying their mortgages.

Although an increase in delinquency rate does not automatically mean a jump in foreclosure numbers, analysts stated that some way or another, the increase will have some impact on the number of properties being sold at bank foreclosure auctions. Other states that recorded delinquency rate increases in the quarter were New Hampshire, Vermont, Maryland, Rhode Island and Pennsylvania, although the rise is not as high as those recorded by New York and New Jersey.

Surprisingly, Arizona and California, two states with some of the highest number of foreclosure auction homes, recorded a delinquency decline in the third quarter. According to analysts, this could mean that these two hardest hit areas have just about hit the bottom of the foreclosure crisis.

However, they warn that one quarter is not enough to declare a trend and that fourth quarter data will be significant to assess the true status of the housing market. The problem of bank foreclosure auctions is not expected to end soon, with nationwide delinquency rate pegged at 6.44% in the 2010 third quarter compared with 6.25% in the same quarter of 2009.

Bank Foreclosure Auctions Likely to Go Up As Delinquency Rate Rises is a post from Foreclosure-Auction.net - Your online source for foreclosure property auctions.

While New York foreclosure auctions are dominated by regular-type family dwellings, some residents of the state have found that mobile homes offer them the best chance of acquiring their own home for a price that is not more than $200,000. Mobile dwellings, according to local housing statistics, have accounted for increasing numbers of affordable residences being sold and purchased in the state in the past few months.

Investors who usually buy foreclosure auction homes and are used to making their choices from different site-built residential properties are expected to pay more attention to mobile dwellings in the coming months as these types of houses become even more popular.

Even though mobile housing has not yet hit Rochester foreclosure auctions in big numbers, they are expected to soon comprise a large percentage of properties at auction as more people try to acquire homes for a cost that they can easily afford. Because of the increased attention that these houses have gotten, changes to loans provided to buyers have been announced by the Federal Housing Administration.

One type of loan offered to buyers of mobile residences is the chattel or personal property loan. Borrowers who opt for this type are often considered risky borrowers although they might have good credit histories. Because of this, not a lot of lenders offer this loan and government-sponsored mortgage firms Fannie Mae and Freddie Mac do not even buy personal property or chattel loans.

The FHA, however, has announced that it will now insure 90% of the losses that lenders may incur from chattel loans to make lending to mobile home buyers more secure. This move is expected to provide a wider market opening to low income and moderate-earning home buyers.

Although mobile dwellings are hardly staple items in Rochester foreclosure auctions, the changes implemented by the FHA are expected to bring these types of houses to the forefront of residential property buying in the area.

Types of Homes Sold at Rochester Foreclosure Auctions May Soon Change is a post from Foreclosure-Auction.net - Your online source for foreclosure property auctions.

Tenants at several buildings, which formerly belong to a real estate investor and were foreclosed in 2009, are demanding that mortgage holder Wells Fargo takes care of repairs to the buildings. The campaign launched by city tenants is expected to have a huge bearing on properties under foreclosure auctions in New York.

With urgings from the organized tenants, Legal Services NYC made its move by filing a motion in the ongoing proceedings of foreclosure and asking the judge to hold the bank accountable for the repairs needed by the buildings while the process of foreclosure is still ongoing.

Local officials have expressed support towards the campaign, stating that since the former owner was unable to pay the mortgage, Wells Fargo, being the lender, becomes the landlord and therefore is responsible for taking care of the properties and its tenants.

This outspoken call for additional responsibilities by mortgage holders is expected to affect properties under Staten Island foreclosure auctions and other foreclosed real estate being auctioned in New York City. This means that buyers of foreclosed properties would have to expect legal complications if they refused to take on the responsibilities of maintaining foreclosed properties in good condition.

Legal Services NYC officials have explained that getting involved in a foreclosure case to get help for foreclosed property tenants is the latest legal strategy. They further added that once this case goes into court; there would be a huge amount of pressure on banks and lenders that hold mortgages to shell out money for repairs. The case can also start a trend that could reshape the market for properties under foreclosure home auctions, market observers have revealed.

Properties under Staten Island foreclosure auctions, as well as other foreclosed real estate in various parts of New York, are likely to be affected by the case. Legal practitioners have stated that they are looking at other properties where lawsuits similar to the current case can be applied.

Search foreclosure auctions in New York cities:

• Foreclosure auctions in Brooklyn
• Foreclosure auctions in Jamaica
• Foreclosure auctions in Bronx
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• Foreclosure auctions in Hempstead

Legal Campaign Expected to Affect Staten Island Foreclosure Auctions is a post from Foreclosure-Auction.net - Your online source for foreclosure property auctions.

Based on figures from the National Low Income Housing Coalition, the rent for a two-bedroom unit in Brooklyn can be afforded only by families earning an annual income of $54,000, far above the median family income of renters in Brooklyn, which is $34,000.

Nationwide, rental apartments are also unaffordable to families earning minimum wages. Housing affordability analysts have contended that rental markets are affordable when rent accounts for not more than 30 percent of household income. The coalition, however, found that 71 percent of low-income families are spending 50 percent or more of their wages on rent.

What is exacerbating the situation is the drop in number of families earning the median income, further widening the gap between rental prices and what families can afford to pay.

In February, the number of homes in distress, including residential properties taken back by lenders from Brooklyn foreclosure auctions, increased by nearly 6 percent year-over-year to 495 filings.

Hundreds of units in buildings repossessed through public foreclosure auctions in New York also increased the number of vacant properties in the city, but these were not able to push down rents significantly to a level affordable to most. Problems related to maintenance and repairs in these buildings even prevented plenty of units from being rented out, cutting down the inventory of rentals in the city.

Compared to other states, however, the foreclosure crisis in New York is relatively controlled. On foreclosure rate charts, New York is down at 41st. In February, foreclosure postings in the state dropped by more than 29 percent from the previous month to 3,237 filings, and out of these, 559 were purchased back by banks through public home auctions for sale.

Bank owned homes comprised 17.27 percent of total filings in February, an increase from the 518 REOs in January, which represented 11.34 percent of total January filings.

Based on data from the Building Indicator Project compiled by the University Neighborhood Housing Program nonprofit, a total of 1,890 residential properties in Brooklyn, Queens, Manhattan and the Bronx were financially and physically distressed, reducing the number of rental units affordable to low-income and median-income households.

BIP analysts said that by tracking properties in distressed conditions and in Brooklyn foreclosure auctions, housing advocates and city officials can have a better view of what they need to do to help renters.

Search foreclosure auction in New York cities:

• Foreclosure auction in Bronx
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Rents Up Amid Units from Brooklyn Foreclosure Auctions is a post from Foreclosure-Auction.net - Your online source for foreclosure property auctions.

 
Foreclosure auctions in New York, particularly in the Upstate areas, were not as common as in other major cities in the U.S. Local real estate analysts have affirmed that the state was able to ride out the market’s boom and bust trends.
 
Realtors have added that foreclosures auction in Upstate New York and in the rest of the state are relatively flat compared with national statistics. Prices of residential properties in the area did not experience the rapid appreciation and depreciation that have become all too common in other metro areas of the country.
 
The ability of the state’s housing market to remain flat is largely due to the stability of local economies, according to real estate market observers. They also predicted that the whole state will experience rapid growth in the coming year or so despite the continuous problem of nationwide foreclosures.
 
Staten Island foreclosure auctions are expected to remain small in number as more businesses and industries are projected to create further economic growth in the rest of New York. The Upstate area is also expected to do well in the coming months as it remains the center of state government.
 
Aside from the projected growth of industries and businesses in the state, the universities and colleges are also believed to be important in keeping foreclosure auctions in New York at low levels.
 
Despite the fact that Albany has seen more activities compared with other metropolitan areas in the region in terms of non prime loans foreclosures, local housing market observers believe that this is only because such loans are mostly a risk for lenders, hence the high interest rates.
 
Staten Island foreclosure auctions, together with the rest of the state, are expected to remain flat. Most property market analysts believe that the state’s local economy will continue to strengthen and will be the key to maintaining the low number of foreclosures auction in the area.

Search Foreclosure Auctions in New York cities:

• Foreclosure Auctions in Brooklyn
• Foreclosure Auctions in Bronx
• Foreclosure Auctions in Hempstead
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Staten Island Foreclosure Auctions: A Nationwide Comparison is a post from Foreclosure-Auction.net - Your online source for foreclosure property auctions.

The home, located near a golf course frequented by the rich and famous, will be auctioned off for only $250,000 in the last week of August at the town hall of East Hampton, after the owner failed to pay HSBC a loan balance of $495,140.22.

The home is just one of several residential properties in the Hamptons that are in foreclosure. After Wall Street suffered huge financial losses, a number of formerly top-paid executives who purchased homes in the Hamptons have had to cede their homes to foreclosure or sell them at a loss to prevent foreclosure.

In Suffolk County, where the Hamptons sit, a total of 154 new foreclosures were filed in July, a jump of 105 percent from foreclosures filed in July 2008.

As the housing crisis spread across the U.S. in 2006 and 2007, the Hamptons and other parts of New York were largely protected by the financial power of Wall Street. But as the recession lingered, the financial markets succumbed, battering financial executives and professionals.

Based on the Long Island Real Estate Report, the number of lis pendens filed in the last week of July reached 21 filings, representing residential properties worth $9.66 million. During the same period last year, 11 foreclosure cases were filed, representing properties worth $5.5 million.

Bill Stanford, CEO of real estate information provider Property Shark, said that housing-related difficulties in the Hamptons will rise, but he added that distressed bankers would rather sell at a loss than suffer the humiliation of foreclosure.

Recently, the average home price in the area dropped to $754,552, a drop of 46 percent from $1.36 million last year.

Some of the high-profile bargain home sales include the seven-bedroom Southampton cottage of hedge fund executive John Paulson, who sold it for $9.99 million in June after failing to sell it for $19.5 million in April last year.

Another is the Bridgehampton home of Joe Gregory, former chief operating officer of Lehman Brothers. He initially listed his home, which sits on 2.5 acres and has 200 feet of ocean frontage, at $32.5 million, but he is now offering it at $27.9 million.

Nevertheless, a long-time broker in the Hamptons said he is optimistic the market is looking up, as June home sales have gone up by 142 percent compared to May.

Hampton Foreclosed Home Auction: Sign of the Times is a post from Foreclosure-Auction.net - Your online source for foreclosure property auctions.

According to a market report, Suffolk and Nassau experienced a significant increase in foreclosure filings from January to June of this year, earning them the third and fifth spots in the state foreclosure total, respectively.

The report showed that one in every 115 properties in Suffolk, including apartments, was in some kind of foreclosure proceedings. In Nassau, one in every 166 homeowners received at least one foreclosure filing.

All in all, Suffolk had 3,512 and Nassau 2,762 repossession homes filings, a 3 percent decline from the previous year for the same period but a whopping 63.6 percent rise from the second half of 2008.

According to industry experts, foreclosure activity in the second half of 2008 was artificially low because many lenders started giving a 3-month notice before they initiate foreclosure proceedings.

They said that the rise in foreclosure fillings occurred despite intensive efforts of the Obama Administration and the nonprofit sector to contain the number of repossession homes. Many factors have hindered the progress of the housing market recovery effort, foremost of them is the rising unemployment rate.

In Long Island, joblessness has worsened the struggle of many homeowners to pay their mortgages. Community Development Corp. of Long Island housing counselor Joan LaFemina confirmed that unemployment is one of the major reasons for the foreclosure crisis in the area.

Meanwhile, Richard Neiman, New York State Banking Superintendent, said that the Obama Administration’s mortgage relief plan has failed to make a dent on the foreclosure problem. He said that federal officials are planning to ask lenders and servicers on how well they are following the relief plan.

He also noted concerns about how homeowners take advantage of the programs. Last month, lending institutions posted foreclosure filings on 43 houses in Suffolk and 70 in Nassau. Foreclosure filings may include notices of default and auction and repossession of the property.

On the other hand, foreclosure related activity in the country grew even higher in the first six months of this year, with 1.53 million properties on the brink of becoming repossession homes.

Trend in New York Repossession Homes Filings: Going Up is a post from Foreclosure-Auction.net - Your online source for foreclosure property auctions.