The economic recession has forced a lot of homeowners in and around the Bronx, Brooklyn, Queens, Manhattan and New York City to lose their homes. Although the economy is showing slight improvements, the flood of foreclosed homes still continue.

Hoping to contain this worrying trend, some large unions in New York City have come together and are asking banks to do more to prevent foreclosures in the New York area. Specifically, the unions are asking the banks to resort to mortgage loan modifications instead of foreclosures.

The unions accused the banks of not helping property owners in New York City to keep their homes. Residents in the Bronx, Manhattan, Queens, Brooklyn and New York City experience a lot of problems when dealing with banks for mortgage loan modifications. These problems include the banks not answering their phone calls, delays in the modification process and multiple requests by the banks for homeowners to resend paperwork already submitted.

The unions plan on transferring their pension funds and bank deposits to other institutions if the major banks that hold these pension funds and deposits fail to prevent the flood of foreclosures by adopting mortgage loan modifications.

If the banks adopt mortgage loan modifications instead of foreclosure as the first and best means of dealing with unpaid mortgages on properties, then it means that many New York City residents may not lose their homes to foreclosure.

Please speak to your Bronx, Queens, Manhattan, Brooklyn or other New York City bankruptcy attorney for further advice.