The issue of Brooklyn Foreclosure Listings was addressed by U.S. Representative Edolphus Towns and other housing counselors and analysts in a recent discussion that will be aired on Time Warner Cable, Verizon and Cablevision.
Other participants included New York Supreme Court Judge Arthur Schack, Towns chief counsel Yolande Nicholson and Pratt Area Community Council housing advisor Bonita Dowling.
In a recent report from the Center for New York City Neighborhoods, its executive director Michael Hickey said that foreclosures in Brooklyn will still continue despite drops in foreclosure filings from July data largely because of record job losses and difficulties in the real estate, insurance and financial sectors.
According to a report on New York City’s foreclosure filings in August, Brooklyn had the highest number of foreclosure postings at 693. The number was three percent lower than postings in July, but it was still ten percent higher than postings in August last year.
Across New York City, a total of 2,233 homeowners received default or foreclosure notices in August, a drop of 12 percent from July postings, but still three-percent higher than postings in August last year.
Among New York City boroughs, Queens had the highest number of foreclosure postings at 935, higher by 242 units than Brooklyn foreclosure listings. Queens however improved from its postings in July 2009 and August 2008.
At the meeting, Representative Towns reiterated the need for more practical solutions to help desperate homeowners. He called for the provision of the right resources that homeowners can use.
Towns cited the efforts of Supreme Court Judge Arthur Schack in cutting down the number of foreclosures in Brooklyn and in other areas of New York. Based on court data, Schack has rejected nearly half of all foreclosure cases filed in his office.
According to Schack, he has been looking thoroughly at all foreclosure documents filed so he could find ways under the law to stop the foreclosure motions. He called on troubled borrowers to appear in court so he can help them negotiate loan modifications with their lenders. He reiterated that without the presence of borrowers in court, he cannot pursue foreclosure prevention efforts available.
Schack also added that there are a lot of high-interest home loans and subprime loans given to homeowners in minority neighborhoods like Brownsville, Ocean Hill, East New York and Canarsie. Schack’s foreclosure prevention efforts were cited in a New York Times article in August.
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