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Slowdown in Foreclosures on Long Island

In April of 2011, there were 540 foreclosure filings in Nassau and Suffolk counties on Long Island. This represented the lowest number of foreclosure lawsuits initiated during a month since December of 2008. It represented a drop of 21.5% from the level of foreclosure activity in March of 2011.

Foreclosures Moving Slowly Through the Courts

The courts in the State of New York have been inundated with foreclosure filings for the past few years. Governor Andrew Cuomo has recently stripped the budget of the court system of 174 million dollars. This has caused massive layoffs and cutbacks within the court system. At a time when there are huge back logs in foreclosure activities, there are less and less resources within the court system to deal with these foreclosures. It is estimated that it could take as long as three years to complete the foreclosure process for foreclosures initiated in the second half of 2011.

Lenders Reluctant to Foreclosure

Lenders have stated that it is an expensive procedure to litigate a long foreclosure matter. In the end, they can end up with a property that needs to be repaired and maintained. It can also take the lender a substantial period of time to sell the property.

Delays take place in the foreclosure process because lenders are allowing more time during the period between delinquency and foreclosure. They are waiting to see if loan modifications go through. They are waiting for short sales. There are judicial delays caused by the courts inability to process the huge amount of cases that are in foreclosure.

Do Delays Help or Hurt The Real Estate Market

The question is do delays help or hurt the market place. There is a considerable body of thought that now holds that the faster we move the foreclosures through the legal system, the faster we can eliminate the pain. They compare this to pulling off a band-aid one hair at a time or ripping the band-aid off all at once. Unfortunately, ripping the band-aid off all at once destroys many peoples’ lives and forces them out of their homes with no place else to go!

Aggressive Foreclosure Defense Lawyers

We can fight your foreclosure. We litigate predatory lending issues, defective foreclosure lawsuits, and defective mortgages. We attend foreclosure court conferences for our clients. We draft mortgage modifications and deal with mortgage modification programs that fail to meet our clients needs. We litigate foreclosure related bankruptcies, whether they’re a Chapter 7 bankruptcy or Chapter 13 bankruptcy. We also assist our clients in re-establishing credit after filing a bankruptcy. We can help stop your foreclosure from moving forward! Call us and we will provide you with a free consultation. We will discuss all of your foreclosure options. Feel free to come back to our foreclosure blog on a regular basis to read about real estate and foreclosure related issues.

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We represent individuals throughout the New York Metropolitan area with divorce and child custody, personal injury, car accident, wrongful death, estate administration, nursing home and medicaid issues

The information you obtain at this website is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your particular legal issue. This is attorney advertising.

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