Foreclosures Triumphantly March On Through Capital Region

Posted in Foreclosures, October 26th, 2007 |

Foreclosures in the core of the capital region are keeping in tune with the trend all over the nation. From January to September 2007 there have been 1,125 filings in the four counties. During the same period in 2006 the number was 470.

Experts are not surprised, as they had apprehended this situation some time ago. Those dealing with foreclosure help lines find that their workload has tripled during this current year. Fumbling for causes many are of the opinion that the excesses in the sub-prime category are to be blamed. Those who could ill afford loans were saddled with these ARM’s and now the entire nation is paying the price. The loans were targeted far and wide and now the repercussions are equally far and wide. A year ago one could just walk in and avail of a loan. It was as easy as breathing! No questions about income were asked.

Online tracking groups note that 223,538 foreclosure filings have been listed in September this year – twice of what it was in the previous year. Foreclosure is a process consisting of many steps – default and sale notices, followed by auction and repossession. The rising numbers are causing all round concern and there is pressure on the government to address the matter. Unless the lenders cooperate nothing legally can be done for those already boiling in the foreclosure soup. But steps can be initiated to prevent a repeat performance of this fiasco.

Governor Eliot Spitzer has been approached to fund the setting up of counselors and provide for other types of financial assistance. There was also a cry for the government to set up a tracking devise to note the actual figures of the foreclosures across the country. There is concern for the senior citizens of America who have been main victims of foreclosures. Spitzer declared the setting up of a $100 million fund but critics say that the schemes does little for those already reeling under foreclosures. There has been a response of sorts from the Spitzer administration but more needs to be done.

Others are not sitting back as regards finding solutions. Better Neighbourhoods Inc in Schenectady will start classes to raise the level of awareness. In November innumerable properties will crumble like houses of cards under the onrush of foreclosures. Large corporations who have invested in mortgages are impossible to track.