One place with no lack of clients recently was a Neighborhood Housing Services office, where Theresa Ortiz worked with Israel Vazquez, a client.
Some homeowners in the Bronx can’t afford furnishings as mortgages rise; one store owner said he didn’t know how much longer he could hang on.
Bronx Residents Struck By Loan & Cash Debt For High Cost Properties For Holidays
Marcia is not in the holiday mood this year. She is not putting any Santas, reindeer or lights outside her house. She is probably not going to have many presents inside. There will be no home improvements anywhere. The fact is, she does not know how long she can even call the place hers.
A little more than a year since she bought her Bronx home for $535,000 with no cash down, she is facing foreclosure. Even if she could scrape together the $7,500 to catch up on her overdue mortgage payments, other calamities await: an interest rate that will rise in coming months and a huge balloon payment hovering in the distance like a financial Hindenburg.
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