Foreclosure Help in New York
New York is a judicial foreclosure state, meaning lenders must bring borrowers to court in order to foreclose on properties. A successful case allows lenders to then sell the property through auction. For New York homeowners, this means it is important to seek information about their rights and what the legal framework of foreclosure entails. Before looking at some resources where they can do so, let’s take a glance at homeownership as a whole in New York.
The Big Apple and homeownership
Although New York City is not synonymous with New York State, the influence of the former is great in the the state as a whole. Indeed, homeownership rates in the city drag down the state’s average considerably. Homeownership in NYC is around 31% – half the national average. Statewide, about half of New York residents own their homes. These data point at a few notable characteristics of New York, including a stark contrast between the renter’s market in the city and the rest of the state, and the difficulty of affording a home in the Big Apple.
Wealth, income, and property values in NY
New York is a large and wealthy state. It is the third largest in the country by population, and boasts some of the highest property values, with a median of just over $300,000 – a figure that continues to grow. Median household income is much lower, around $63,000, only slightly above the national average. The disparity between the two is not surprising, considering the low rates of homeownership in the Big Apple.
All in all, New York is an expensive state, and divides between different income groups often meaning the difference between owning and renting. The tight and competitive nature of the market in New York is important for homeowners to be aware of and observe as it fluctuates.
Have a specific question about Avoiding Foreclosure in New York? Check out our Foreclosure FAQ’s section.
In the case of foreclosure
Should New Yorkers find themselves facing foreclosure – or should they simply want to inform themselves about foreclosure law and procedures in their state – here are a few good resources where they can start.
- the New York State Department of Financial Services, offering help for homeowners in foreclosure
- the New York State Mortgage Assistance Program, a free service offering loans to eligible New York residents at risk of foreclosure
- this list of counseling services compiled by the HUD, where homeowners can find counseling and receive valuable information
By preparing themselves with information and learning of their rights, New York homeowners can take important first steps in protecting themselves against foreclosure and maintaining their homes. Hopefully these resources provide good first steps in that direction.