In the past two years since the mortgage mess started, the city of Manhattan has successfully managed to evade the foreclosure crisis. But in recent months, trouble seems to be brewing when the number of apartment owners who are behind in their mortgage payments has increased noticeably.
Aside from this, there are also more property owners who have been putting up their homes for sale or asking foreclosure counselors for advice on how they can continue to keep up with their mortgage payments. Based on the court filings, most of these apartment owners were found to have good jobs as well as addresses in affluent neighborhoods.
Last July, the number of Manhattan homeowners who entered the initial stage of foreclosure jumped by 78 percent compared to the previous month. This figure excludes co-op owners, who buys shares and leases the unit they are living in. For analysts, this significant increase in foreclosure filings can be compared to what Brooklyn and Queens experienced one year ago.
Still, the number of apartment owners in Manhattan is considered to be relatively small and the foreclosure rate for the city is at one filing for every 50,000 residences. Compared to Los Angeles‘ foreclosure rate of one out of 526 households, it is not something to be alarmed of.
Unfortunately, some of the distressed Manhattan homeowners might be too relaxed for their own good and simply denies the possibility that they could lose their apartment to foreclosure.
For this reason, foreclosure counselors are urging these Manhattan homeowners to seek assistance and discuss their mortgage problems with their lenders before it is too late. Considering that time is of the essence in this situation, being pro-active is the right way to go. Many housing advocates still believe that negotiating with lenders is the best option for avoiding foreclosure.
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