The New York Bar Foundation has allocated money to help mitigate Brooklyn pre foreclosures, which often turn into completed foreclosures in just a few weeks if they are not rescued.
In Brooklyn, foreclosures in February were still higher than filings in February last year because of job losses. Among the five boroughs of New York City, Brooklyn posted the highest number of foreclosure cases, which reached 495. The number was equivalent to 35.3 percent of the 1,401 total filings in the city in February and also included units already posted for homes auctions in Brooklyn.
Next highest was the 486 units posted by Queens, equivalent to 34.7 percent of total city filings. The third highest was 184 units, posted by Staten Island. Bronx had 173 filings while Manhattan, the borough previously untouched by the housing meltdown, posted 63 filings.
Citywide, foreclosure activity slowed compared to the previous month by 23 percent, with each of the boroughs posting double-digit declines. Brooklyn pre foreclosures slowed down by nearly 29 percent and Queens posted a 21 percent decline rate.
However, analysts are still uncertain whether the month-over-month decline was already the start a continuous drop.
To help ensure that Brooklyn will keep up with its recovery, the NY Bar Foundation included the Brooklyn Bar Association Volunteer Lawyers Project, the South Brooklyn Legal Services and the WomensLaw.org in its list of recipients for the $337,050 funding it has provided to help community projects throughout the city.
The VLP in Brooklyn has been carrying out a foreclosure intervention program in the area, in addition to its initiatives offering legal assistance to facing foreclosures, bankruptcy, consumer debt and problems related to handicapped children.
According to M. Catherine Richardson, president of the NY Bar Foundation, the money came from charitable contributions made by law firms, lawyers, corporations and other individuals that understand the need to provide legal assistance to vulnerable families and children.
Similarly, foreclosed homes in Portland are also being addressed by grants, particularly the Neighborhood Stabilization Program funding from the HUD. Although there are concerns from certain community advocates that the use of the NSP funds are not progressing as expected so that the city of Portland and the state of Oregon can spend the money within the allotted time frame, neighborhood officials still contend they are able to carry out the program on time.
With regards to Brooklyn pre foreclosures, the commitment of the NY Bar Foundation to neighborhoods is a strong push for their reduction and prevention.
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