New York Coronavirus Update: Full Steam Ahead On Foreclosure Auctions!

New York Coronavirus Update: Cuomo And Albany Say, “Full Steam Ahead!” For Foreclosure Lawsuits And Auctions!

coronavirus

New York Coronavirus update! The coronavirus pandemic has shut down NYS and local governments except for essential personnel. The pandemic has also shut down schools. Office buildings and businesses are closed. As a result, people can’t go to work. 

Yet, the courts are open in a limited fashion across New York. Attorneys can still file documents and yes, they can still file foreclosure complaints. Albeit, electronically. The NYS court system is still moving ahead with foreclosure filings and foreclosure auctions. 

Several counties including the boroughs of New York City have enacted eviction moratoriums. However, the courts are still chugging along with foreclosure lawsuits and auctions. The NYS court system is allowing banks to ram foreclosures through in less than 6 months.

Read more at MFI-Miami

Real Estate Vultures Circle New York Homeowners In Foreclosure

NYS Courts Are Fast-Tracking Foreclosures As Real Estate Vultures Stalk New York Homeowners 

real estate vultures

Real estate vultures are watching you on the internet. They are waiting for the perfect moment to strike so they start pecking at your financial carcass. In addition, you may not even know they stole your house out from under you until it is too late.  

They know you are in foreclosure and they are waiting for you to lose your house. They know that the courts in New York are fast-tracking foreclosures. Matter of fact, New York courts are moving faster than Florida did under the rocket docket.

The days of New York foreclosures taking 4-5 years are history. The courts have foreclosures down to less than 6 months. This is not good for homeowners wanting to fight their foreclosures. 

Homeowners need to be prepared to fight their lenders. As soon as homeowners get served foreclosure papers, they need to come out of the gate swinging. Lenders are also motivated to take your house by any means necessary and as quickly as possible due to market conditions.

Read more at MFI-Miami

Harlem Homeowner Sees Mortgage Balloon From $100,000 To $7 Million

Elderly Harlem Homeowner Giselle Allard’s Mortgage Balloons From $100,000 To $7 Million 

Harlem Homeowner

An elderly Harlem homeowner who owns four Harlem brownstones may end up homeless. All because of the massive debt on one of the properties that ballooned beyond control.

What began as a $100,000 mortgage 20 years ago on a dirt-cheap piece of property along a crime-ridden neighborhood has escalated to the most ludicrous of debt at more than $7 million.

Now Giselle Allard is being forced to sell at least some of her properties to pay off the astronomical debt. Allard told the Daily News:

They want to take over everything I have. It’s sad. I’m in the process of being homeless over a debt that was not addressed properly.

At issue is a brownstone Allard bought in 1998 for $135,000 at 50 E. 126 Street.

The Harlem homeowner put $35,000 down and reached an agreement directly with the owner, Robert Robinson, to pay the rest, $100,000, over the next 10 years.

Read more at MFI-Miami

New York Zombie Foreclosures! Fannie Mae Is Coming To Get You!

Fannie Mae Is Conjuring New York Zombie Foreclosures!

new york zombie foreclosures

New York zombie foreclosures are rising from their long-forgotten graves.

Surprisingly, it’s not servicers or New York lawyers leading the conjuring of these long-dead foreclosures. It’s taxpayer bailed out Fannie Maeand Freddie Mac doing it.

New York homeowners discovered they are now facing ramifications for defaulting on their Fannie Mae and Freddie Mac mortgages.

Fannie Mae and Freddie Mac are also pursuing deficiencies judgments on defaults going back to 2009.

Read more at MFI-Miami