Homeowners struggle to pay mortgages on houses of all sizes
By Barbara Livingston Nackman, May 30, 2014
In the Lower Hudson Valley, one of the most affluent regions of the country, where one in five homes costs a million dollars, there are thousands of homeowners still struggling to pay their mortgages, often facing foreclosure. They’re from all income brackets, living in those million-dollar homes, modest Capes, condos and Colonials. The reasons vary, but most often there is a major life change: job loss, divorce, a death in the family, or a serious illness that causes a homeowner to get behind on their mortgage or property taxes.
Foreclosure filings are at record highs in Westchester and Rockland, with Westchester experiencing filings that are triple what they were last year.
Behind the numbers are people faced with the possibility of losing their homes.
Are you having trouble paying your mortgage? Learn more about CHI’s Foreclosure Prevention Program.