Hurricane Ida damage could disrupt thousands of mortgage deals in NY, NJ
Combined $19B of loans at risk; properties must be reappraised
Damage from Hurricane Ida could derail 47,000 property loans across New York and New Jersey.
Ida hammered the Southeast before the storm continued north. Around $7 billion worth of commercial real estate loans could be affected across the East Coast.
Lenders typically pause pending mortgage deals in federal disaster areas until properties can be re-inspected, which in this case could include thousands of properties, according to Inman. If damage impacts the home’s valuation, it could throw off a sale.
There are around 30,500 deals worth $10.7 billion in New Jersey at risk and another 17,000 or so worth $8.7 billion in New York at risk.
The Federal Emergency Management Agency declared all of New Jersey and around a dozen counties in New York as federal disaster areas.
[Inman] — Dennis Lynch