Foreclosure Strategies
May 10 2018
The best way to deal with a foreclosure is to take aggressive legal action when the foreclosure laws... [Read More...]
December 10, 2012 By
Financial institutions were busy in Nassau County in July. They filed to 469 foreclosure cases. Many of the new foreclosure cases filed in Nassau County involved homes that are recent defaults in mortgage payments. During this same time, there were only 216 filings for foreclosure proceedings in Suffolk County.
Barry Smolowitz, the founder of the Suffolk County Pro Bono Foreclosure Settlement Project, recently stated Suffolk County has “a more decentralized” way of processing foreclosure court cases than Nassau. There are a larger number of judges hearing cases in Suffolk County then there are in Nassau. This has had an impact on the administrative process involving foreclosure cases in Suffolk County.”
David Schwartzberg, the foreclosure counsel to the Huntington based Advantage Title, recently stated the foreclosure process is “much more onerous” for banks than it used to be because there are much stricter Federal and State oversight and then there has been in the past.
Early in 2012, the nation’s five largest mortgage lenders reached a $25 billion dollar settlement with both Federal and State agencies dealing with alleged foreclosure improprieties.
Fewer Foreclosed Homes Being Listed For Sale
Real Estate brokers who handle the sales of foreclosed homes have indicated there are fewer foreclosed homes being listed for sale on the market in Long Island. John Fitzgerald, the President of Realty Connect USA, located in Suffolk County stated “we’ve seen lot less foreclosed homes enter the marketplace then they have in the past.”