Thursday, October 3, 2013

FORECLOSURES ON LONG ISLAND

On Monday, September 30, Newsday ran an excellent story on mortgage foreclosures on Long Island.

A practical suggestion to any one dealing with these type of legal proceedings is to read the article but here are some highlights:

1. This year, filings were up 53% (although this may change with the new October 1 law regarding the certificate of merit).

2. The foreclosure process ion New York, like New Jersey, can be a three year process - the longest in the nation. There is a huge backlog of cases.

3. Due to various reasons, such as job loss and divorce, many homeowners in Long Island find their homes are now unaffordable even if the mortgage is modified.

No comments:

Post a Comment