Casandra Properties CEO, James Prendamano, spoke to Tracey Porpora from the Staten Island Advance to discuss the latest study that found foreclosures have spiked on Staten Island over the last year. The study conducted by Property Shark saw an increase of home foreclosures from 48 in the third quarter of 2018, to 136 in the same quarter in 2019.
“There is a big difference between a loan that is not performing and one that is actually been put into the foreclosure process. In many cases these non-performing loans are sold in bundles at significant discounts off par value to other banks and investment companies. It is not unusual for a loan to be sold several times before arriving at its final servicing entity. The average homeowner would notice this if they get notices in the mail stating that their loan has been sold. As these loans are being sold into smaller and simpler packages, often times the investors have no intentions of servicing them, they are just in the business of buying and selling paper”, said James Prendamano.