Post-Sandy foreclosure fears erupt among residents with damaged homes

Foreclosure fears are beginning to arise in certain areas in the wake of post-Sandy repair bills. Marilyn Gelber, president of the Brooklyn Community Foundation, says

Residents are concerned that their banks will come after their homes due to repair bills tying up money.

Residents are concerned that their banks will come after their homes due to repair bills tying up money. (2/21/13)

BROOKLYN - Foreclosure fears are beginning to arise in certain areas in the wake of post-Sandy repair bills.

Marilyn Gelber, president of the Brooklyn Community Foundation, says that residents are concerned about a possible foreclosure crisis due to the amount of money homeowners need to spend on repairs right now.

Gelber says the foundation is working to use money from its $2 million Sandy Recovery fund to help develop a homeowners assistance program in the neighborhood.

Alana Massey, a worker for the Center for New York City Neighborhoods, says that group is also working to prevent widespread foreclosure by reaching out to residents in the flood zones.

Massey goes on to say that the flood zones frequently overlap with areas that already have high rates of mortgage delinquency.

Homeowners can get the resources they need to avoid foreclosure by calling 311 and indicating they have trouble paying their mortgage.

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