More than 14K LI residents in mortgage delinquency

Foreclosure moratorium set to expire on Jan. 15

Tri-State /
Jan.January 14, 2022 03:00 PM
(Illustration by The Real Deal)

(Illustration by The Real Deal)

Thousands of Long Island residents could have a rough road ahead as they remain behind on their mortgages and the foreclosure moratorium comes to a close.

Data reported by Newsday show 14,500 Long Island residents are behind on their mortgages. The report comes as the state’s foreclosure moratorium is set to come to an end on Jan. 15, potentially putting thousands in danger of losing their homes.

The percentage of mortgages in delinquency is similar across counties. In Nassau County, the 90-day delinquency rate is 2.06 percent, while in Suffolk County counts 2.12 percent. Those are both marked improvements from peaks last year of 6.44 percent and 6.28 percent, respectively.

Still, the rates are more than double the pre-pandemic numbers, according to Newsday.

Despite the looming end of the moratorium, many of those behind on mortgages may still be able to avoid having their homes foreclosed upon. Homeowners can work with lenders or agencies on forbearance plans or loan modifications. People can also take advantage of the hot housing market to sell their homes, though that can be a lengthy and uprooting process.

Homeowners can also apply for relief from the $539 million Homeowner Assistance Fund, a federal program that reopened for applications on Jan. 3. Among the assistance the fund can provide are mortgage payments, property taxes and utility bills.

New York will review applications on a first-come, first-serve basis for the federal program.

Renters in the state may not be getting additional rent relief funds anytime soon, but a vital protection is still on its way. Last week, a judge ruled that the state’s Office of Temporary and Disability Assistance must reopen the rent relief portal to tenant applications.

While the program has virtually exhausted its funds, an application insulates tenants from eviction while their paperwork is being processed. The statewide eviction ban ends Jan. 15.

[Newsday] — Holden Walter-Warner





    Related Articles

    arrow_forward_ios
    Clockwise from top left: Eric and Bridget Elkin, Diane Mollica, Liz and Lisa Gillooly and Sarah Frigo (Compass)
    Compass aims to grow its North Fork agent count fivefold
    Compass aims to grow its North Fork agent count fivefold
    Southampton Village mayor Jesse Warren (Getty Images, iStock, Illustration by Kevin Cifuentes for The Real Deal)
    Southampton Village allows owners to collect summer’s rent upfront
    Southampton Village allows owners to collect summer’s rent upfront
    A photo illustration of charter bus company North Fork Express (left), Tritec Real Estate's planned Ronkonkoma Hub project (middle) and Tritec Real Estate's principal Robert Coughlan (EverybodyWiki/Orenawong, Tritec Real Estate, iStock)
    Holdout threatens massive Long Island development
    Holdout threatens massive Long Island development
    (Top) 1580 Meadow Lane in Southampton NY and (Bottom) 2056 Montauk Highway in Amagansett NY (Zillow)
    A tale of two oceanfront Hamptons homes
    A tale of two oceanfront Hamptons homes
    Famed Architect Thierry Despont and 320 Majors Path in Southampton NY (Getty Images, iStock, Sotheby’s International Realty)
    Famed architect lists Southampton estate for $23M
    Famed architect lists Southampton estate for $23M
    DoorDash's Tony Xu with 51 Eads Street and 6133 Jericho Turnpike
    Startup plans LI convenience stores that shoppers can’t enter
    Startup plans LI convenience stores that shoppers can’t enter
    Parkview’s Paul Rahimian and 1800 Avenue at Port Imperial (Parkview Financial, Handel Architects, Illustration by Kevin Cifuentes for The Real Deal)
    Chinese developer Hongkun faces foreclosure on luxury NJ condo
    Chinese developer Hongkun faces foreclosure on luxury NJ condo
    Richard Gere and 81 Lyndel Road in Pound Ridge (Getty Images, Ginnel Real Estate)
    Buyer found for Richard Gere’s $28M Westchester estate
    Buyer found for Richard Gere’s $28M Westchester estate
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...