Owners of Suntrust Bank Owned Foreclosures Seek Help

by on Foreclosure Help

The number of foreclosures, including Suntrust bank owned foreclosures, continued to increase in Buffalo, New York during the year. Aside from these types of foreclosures, the city also posted record number of homeowners seeking help for tax foreclosures, with over 1,200 owners in danger of losing their properties due to unpaid taxes.

The increase in the number of tax-related Buffalo foreclosures for sale means that 2010 has made a new record, with the current year being the first time that tax foreclosures have reached more than 1,000 in the area. Majority of homeowners facing this type of foreclosure who have sought help have been approved for court-ordered payment schemes.

According to local officials, authorities' increased efforts to help owners of bank foreclosures in New York have encouraged more people facing homeownership problems to seek assistance. For the current year, a total of 1,230 homeowners were able to get their foreclosures suspended as ordered by the courts. This is considerably higher than the 2009 total of 874.

The number of homeowners facing foreclosures, including Suntrust bank owned foreclosures, who have been assisted this year represents a 200% improvement from three years earlier when 411 property owners were given court-supported foreclosure suspensions. Local officials have reported that around 80% of those seeking foreclosure help were residential property owners. They added that the economic downturn is a big factor behind increased demand for assistance.

With very few people buying bank foreclosure properties during the last months of the year, local officials revealed that they are concentrating more on keeping troubled homeowners in their residences. In majority of the cases, officials revealed that those who have sought help were able to fulfill their obligations and follow their plans of payment which increased their chances of avoiding foreclosures in the future.

Buffalo city officials have been working for decades to help taxpayers who have been delinquent in their tax payments, but the current year is the first time that the city has seen a significant increase in the number of residents having trouble in paying housing taxes and other bills. Analysts have attributed the increase to the economic downturn and to the continuous rise in the number of foreclosures, including Suntrust bank owned foreclosures.

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