NYC Foreclosures Are Skyrocketing—Is Your Home at Risk?
According to a recent PropertyShark.com report, foreclosures soar 87% across New York City compared to last year. That’s not just a statistic—it’s a warning. If you’ve fallen behind on your mortgage, you’re not alone. But waiting can cost you everything.
Here’s what every New York homeowner needs to know—and how to fight back now before your property is on the chopping block.
Why Foreclosures Are Spiking Right Now
Several factors are driving this surge:
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Expired pandemic protections
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Higher interest rates
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Skyrocketing household debt
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Delays catching up with lenders
Queens, Brooklyn, and the Bronx are seeing the highest number of filings. But the crisis is citywide.
Don’t assume you have time. Once a foreclosure case is filed, you’re on the clock. And once your home is scheduled for auction, options become limited.
How Bankruptcy Can Stop Foreclosure Cold
Filing for Chapter 13 bankruptcy puts an immediate stop to foreclosure. It’s called the automatic stay—and it legally halts all collection efforts, including scheduled auctions.
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You stay in your home.
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You catch up on missed payments over 3–5 years.
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Your lender must cooperate through the court system.
Chapter 7, while not designed for foreclosure defense, can still delay the process briefly and give you time to regroup.
Urgent Tips for Fighting Foreclosure in NYC
If you’ve received a 90-day pre-foreclosure notice or been served with a summons, act fast. Here’s what to do:
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Don’t ignore court papers. Responding late or not at all makes things worse.
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Gather your mortgage documents. Know your balance, interest rate, and payment history.
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Avoid foreclosure scams. If it sounds too good to be true, it probably is.
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Consult a qualified bankruptcy attorney. Not just any lawyer—someone who knows NYC foreclosure and bankruptcy law.
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Act early. The earlier you file, the more protection and
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Real Case: Saving a Brooklyn Brownstone
A recent client came to us with just three weeks before their family brownstone was set to be auctioned. We filed Chapter 13 the next day, stopped the foreclosure, and created a plan to catch up on $75,000 in arrears over five years. They’re still in their home today.
That’s the power of acting early—and having the right legal team.
The Bottom Line: Don’t Wait
When foreclosures soar 87%, the worst thing you can do is hope for the best. The sooner you take action, the better your chances of saving your home.
Bankruptcy isn’t giving up—it’s fighting back with the strongest tool you have.
If you’re considering bankruptcy or simply want to understand your options, we’re here for you. Call or text us at 212-244-2882, email us at info@midtownbankruptcy.com, or visit www.midtownbankruptcy.com to get started. At The Law Office of William Waldner, P.C., we’ve helped countless New Yorkers take control of their financial future — and we’re ready to help you, too.