Even though Hamptons home prices are reportedly on the rise again, RealtyTrac reports Suffolk County foreclosures remain a major issue. Many are just now waking up to the fact that they desperately need to act, and act fast to get help if they stand any hope of saving their Long Island homes.
In September 2014 alone RealtyTrac reports some Suffolk County cities still saw as many as 1 in every 230 housing units receiving foreclosure notices. In fact, overall Suffolk County pre-foreclosures have risen another 10.9% since last year.
This is no longer just a matter of falling behind on mortgage payments. Many have fallen behind on housing associated payments such as property taxes. However, this has been compounded even further for those struck by Sandy, or which have been instructed they must elevate their homes.
In one recent case, a Long Island homeowner reached out through freelancing platforms to find someone who could help write a rational response to the demands being put on them. They were told they could be entitled to insurance money, but had to raise their home. Unfortunately they were also told their home wasn’t a candidate for being raised.
What they are left with is pending foreclosure, probably demolition, and no access to the insurance funds they need. For those with severe damage it means having to cover two sets of housing payments and associated expenses.
Most simply don’t have the financial resources to keep this up, and find ever decreasing recourses to combat banks and legal actions. They unfortunately, can’t expect to find common sense resolutions to their situations, at least from their perspective, and the longer they forego help, the more helpless the scenario becomes.
For some simply cutting their property taxes could make all the difference. It could stave off foreclosure, provide additional funds for legal help to stop foreclosure for other reasons, or at least buy them time to collect on insurance funds and find alternative housing.
Whatever your situation, and plan, recognize you need help, and reach out and take it, fast.