This protects the rights of the foreclosed party if surplus funds are achieved. Can we limit the number of attendees? The job of the court as overseers of the process is to ensure the highest price is attained. Opening up in the same format is not likely until the end of 2021. How do we do this safely? If you have attended a Kings County foreclosure you know the room is jam packed with 200-300 people. If we ignore the subject banks will tighten credit, the urban blight that vacant and abandoned properties cause will continue, and our our cities revenue stream will dry up. We must find a way to begin the foreclosure process and address the backlog of cases.

The majority of these properties are not residential and or occupied. Furthermore, NYC has lost an enormous revenue stream through the tax lien program. Another big block are vacant and deteriorating. The majority of NYC foreclosures are not owner occupied. If banks do not foreclose, they cannot lend. Keeping people in homes during the pandemic, but this does not tell the whole story. We have now officially gone 6 months without a foreclosure. The last foreclosure in NYC was held on March 13 in Queens Supreme court on Sutphin Blvd. My position as a REO broker gives me a unique perspective on the vacuum the lack of foreclosures is creating. I have attended over 2000 such events since 2003 by my estimation.

I have been a staple at NYC foreclosure auctions since 2003.

Citibank foreclosed properties 2021