Repeat Foreclosures in NYC:
Across the state, approximately 35,916 foreclosures or 73% of the 49,200 new foreclosure cases, for the previous 12 months were repeats. This is up from only 20% in 2007, as per Black Knight, which gathers records disclosed by servicers.
Refilings happen when a borrower goes into foreclosure for the same property at least two times. This can take place for a number of reasons, from a loan adjustment that failed to a foreclosure getting dismissed if the servicer is unable to show proof that they are the owner of the loan and refiles the case at a later date.
Refilings are widespread in 8 of the 10 best neighborhoods. In 2015, the neighborhoods with the highest rates of foreclosure notices in the Bronx Morrisania, Highbridge, and East Tremont. In Brooklyn, it was in Brownsville and East New York.
New York Foreclosure proceedings are now bloated with regulations that change between jurisdictions. Taroff & Taitz, LLP represents mortgage lenders, mortgage servicers and other entities in the foreclosure of commercial and consumer loans.
We understand and have great experience navigating the maze of regulations that is the foreclosure process. We work without tire for each of our clients to develop a reasonable plan of action for moving forward.