Manhattan Foreclosures Skyrocket By 118% In Past Year

BOMBSHELL: Manhattan Foreclosures Skyrocket By 118% 

manhattan foreclosures

Property Shark posted it’s latest foreclosure activity report for New York City. Manhattan foreclosures have skyrocketed 118% compared to a year ago. That is not good news for Manhattanites because property values will be plummetting soon.

Manhattan wasn’t the borough with triple-digit foreclosure increases. Staten Island saw an unprecedented 183% increase in foreclosures. 

However, the news wasn’t so gloomy for Queens and the Bronx. Foreclosures in the Bronx saw a 51% drop from the third quarter of 2018. Queens saw a 16% drop in foreclosure filings in the past year.

First-time foreclosures in New York City stagnated despite major foreclosure activity increases in two boroughs. New York City only saw an uptick of 1% city-wide uptick year-over-year.

Read more at MFI-Miami

Harlem Homeowner Sees Mortgage Balloon From $100,000 To $7 Million

Elderly Harlem Homeowner Giselle Allard’s Mortgage Balloons From $100,000 To $7 Million 

Harlem Homeowner

An elderly Harlem homeowner who owns four Harlem brownstones may end up homeless. All because of the massive debt on one of the properties that ballooned beyond control.

What began as a $100,000 mortgage 20 years ago on a dirt-cheap piece of property along a crime-ridden neighborhood has escalated to the most ludicrous of debt at more than $7 million.

Now Giselle Allard is being forced to sell at least some of her properties to pay off the astronomical debt. Allard told the Daily News:

They want to take over everything I have. It’s sad. I’m in the process of being homeless over a debt that was not addressed properly.

At issue is a brownstone Allard bought in 1998 for $135,000 at 50 E. 126 Street.

The Harlem homeowner put $35,000 down and reached an agreement directly with the owner, Robert Robinson, to pay the rest, $100,000, over the next 10 years.

Read more at MFI-Miami