Latest Foreclosure Rates and Homeowner Relief After Hurricane Sandy

The most recent U.S. Foreclosure Market Report from Realty Trac reported that there are vast disparities in foreclosure activity throughout the nation. Despite a national downward trend in foreclosures, several states, including New York, experienced significant monthly increases in foreclosures. Specifically, for the month of October 2012, New York experienced a 17% increase. Other states with October increases in foreclosure activity include Nevada (54%), Tennessee (52%), Minnesota (28%), and North Carolina (26%). Florida had the country’s highest foreclosure rate over the past two consecutive months (September and October 2012). Darren Blomquist, VP at Realty Trac anticipates that “the foreclosure moratorium being put into effect as a result of the storm” in New York, New Jersey and Connecticut “will likely extend the already lengthy time to foreclose in these states, further prolonging a fundamentally sound housing recovery.”

Super Storm Sandy: Homeowner Relief

It’s important for homeowners affected by Hurricane Sandy to know that banks are offering relief in such forms as a 90-day mortgage forbearance and mortgage fee waivers.

In fact, Fannie Mae and Freddy Mac have announced that federal assistance programs are available to homeowners in places declared disaster arrears by President Obama. In some cases, mortgage payment could be delayed for up to one year.

Banks such as Chase and Wells Fargo may waive fees and assist homeowners regarding overdraft fees and mortgages. Chase approved that mortgage customers in New York affected by Hurricane Sandy can obtain a 90-day moratorium on making mortgage payments. The bank advises customers to call (888) 356-0023. Wells Fargo customers may call (800) 869-3557.

If you have any questions regarding mortgage assistance with your own home in New York, you may call the Law Office of R. Spencer Lauterbach at (845) 639-1699. Mr. Lauterbach offers homeowners legal strategies and remedies in real estate matters, including home foreclosures, loan modifications. Posted 12.8.2012