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161,997 Opportunities To Save a Home
Help Current Clients, Attract New Ones
Foreclosure actions will be brought against more than a half-million homeowners in the New York, New Jersey and Connecticut areas where FA readers live over the next four years. But an estimated 161,997 can be saved with a properly-done mortgage modification.
This year alone, 175,765 foreclosure actions will be brought, but 66,741 can be saved.
All this comes from the Center for Responsible Lending, which projected the number of foreclosures for each of the nation’s congressional districts, and David Green, a nationally-known real estate attorney, who estimated the number that could be avoided by a mortgage modification. This is a new loan structured to be more affordable than the homeowner’s current one.
Financial advisors are the key to the successful completion of these “mods” and are compensated by Green’s firm for their referrals and time counseling their clients and working with a Green representative.
With tens of thousands of homeowners affected, this is fertile ground for advisors to increase their incomes, enrich their reputations and generate referrals,” Green said.
These pages show the opportunities in FALand’s congressional districts. Interested advisors should email their names and phone numbers to mods@bankattorney.us
Besides mortgage modifications, there are other loss mitigation techniques on which advisors can counsel their clients. These will be discussed in the September FA.
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Projected Foreclosures 2009 |
Estimated # of Homes That Can Be Saved 2009 |
Projected Foreclosures
Next 4 Years |
Estimated # of Homes That Can Be Saved Next 4 Years |
|
| NY1: Eastern Long Island |
6,137 |
2,516 |
20,412 |
6,123 |
| NY2: LI - All of Huntington; adjacent parts of Babylon, Smithtown, Islip and Oyster Bay |
3,773 |
1,546 |
12,569 |
3,770 |
| NY3: LI -Eastern half of Nassau; Sound to ocean |
3,040 |
1,246 |
10,121 |
3,036 |
| NY4: LI – West-central Nassau |
3,438 |
1,409 |
11,447 |
3,434 |
| NY5: Northwestern Nassau, northeastern Queens |
1,507 |
616 |
5,017 |
1,505 |
| NY6: Southeastern Queens |
3,590 |
1,471 |
11,951 |
3,585 |
| NY7: Parts of northern Queens, eastern portions of the Bronx |
1,211 |
496 |
4,031 |
1,209 |
| NY8: Downtown Manhattan, Greenwich Village, upper west side, Parts of Brooklyn |
862 |
353 |
2,870 |
861 |
| NY9: Southern Brooklyn, south-central Queens |
1,176 |
482 |
3,917 |
1,175 |
| NY10: Brooklyn – Bed-Stuy, Brooklyn Heights, Canarsie |
1,616 |
662 |
5,381 |
1,614 |
| NY11: Brooklyn – Brownsville. Crown Heights, Flatbush |
446 |
182 |
1,486 |
445 |
| NY12: Parts of Brooklyn and Queens, Manhattan’s lower east side |
537 |
220 |
1,787 |
536 |
| NY13: All of Staten Island, Southeastern Brooklyn |
2,759 |
1,131 |
9,187 |
2,756 |
| NY14: Manhattan east side, Astoria, LI City and Sunnyside in Queens |
590 |
241 |
1,966 |
589 |
| NY15: Upper Manhattan, including Harlem, Washington Heights and Morningside Heights |
298 |
122 |
992 |
297 |
| NY16: The Bronx |
474 |
194 |
1,579 |
473 |
| NY17: Portions of the Bronx, Westchester and Rockland Counties |
2,287 |
937 |
7,616 |
2,284 |
| NY18: Westchester, Rockland |
2,425 |
994 |
8,073 |
2,421 |
| NY19: Parts of Westchester, Dutchess, Orange and Rockland. all of Putnam |
5,642 |
2,313 |
18,784 |
5,635 |
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Projected Foreclosures 2009 |
Estimated # of Homes That Can Be Saved 2009 |
Projected Foreclosures
Next 4 Years |
Estimated # of Homes That Can Be Saved Next 4 Years |
|
| NJ1: Mainly Camden County |
10,658 |
4,369 |
35,483 |
10,644 |
| NJ2: All of Atlantic, Cape May, Cumberland and Salem Counties; Shamong and Washington Twp. in Burlington, Waterford Twp. in Camden, 12 municipalities in Gloucester |
8,922 |
3,658 |
29,706 |
8,928 |
| NJ3: Cherry Hill; 28 municipalities in Burlington County, 23 in Ocean |
10,797 |
4,426 |
35,948 |
10,649 |
| NJ4: Portions of Monmouth, Burlington, Mercer and Ocean Counties |
8,346 |
3,421 |
27,786 |
8,335 |
| NJ5: L-shaped district including suburban northern Bergen, parts of Passaic and the rural northern and western part of the state |
7,331 |
3,005 |
24,408 |
7,322 |
| NJ6: Portions of Middlesex, Monmouth, Somerset and Union Counties; stretches from Plainfield to Asbury Park |
6,560 |
2,689 |
21,340 |
6,402 |
| NJ7: Stretches from Pa. border nearly to the coast; includes portions of Hunterton, Middlesex, Somerset and Union Counties |
5,759 |
2,361 |
19.145 |
5,743 |
| NJ8: Suburban Essex and portions of Passaic, including Paterson |
5,075 |
2,080 |
16,898 |
5,069 |
| NJ9: Portions of Bergen, Passaic and Hudsonl; Hawthorne in Passaic |
4,938 |
2,024 |
16,441 |
4,932 |
| NJ10: The Oranges and Elizabeth; parts of Newark, Jersey City and Bayonne |
4,815 |
1,974 |
16,097 |
4,829 |
| NJ11: Suburban Morris County |
5,986 |
2,454 |
19,930 |
5,979 |
NJ12: Stretches from Pa. border to coast covering portions of Hunterton, Mercer, Middlesex and Monmouth Counties;
includes Princeton Univ; Johnson & Johnson and Bristol-Myers Squibb research centers |
5,768 |
2,364 |
19,205 |
5,761 |
| NJ13: Parts of Newark, Bayonne and Elizabeth; Woodbridge Twp |
2,360 |
967 |
7,859 |
2,357 |
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Projected Foreclosures 2009 |
Estimated # of Homes That Can Be Saved 2009 |
Projected Foreclosures
Next 4 Years |
Estimated # of Homes That Can Be Saved Next 4 Years |
|
| CT1: Greater Hartford |
7,283 |
2,986 |
4,247 |
7,274 |
| CT2: Rural eastern CT.; covers half the state geographically |
8,077 |
3,311 |
26,393 |
7,917 |
| CT3: Greater part of New Haven County |
7,529 |
3,089 |
24,399 |
7,319 |
CT4: Fairfield and part of New Haven County;
includes Stamford and Bridgeport |
4,490 |
1,840 |
14,948 |
4,484 |
| CT5: I-84 corridor connecting Danbury to Waterbury |
6,313 |
2,588 |
21,019 |
6,305 |
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