New York State Banking Department issues report on pre-foreclosure notices

The New York State Banking Department has announced that more than 76,744 pre-foreclosure notices were sent to New York homeowners who have fallen behind on their mortgage payments since May 31, 2010. A total of 134,000 pre-foreclosure notices have been sent since data collection began on February 13, 2010. If a borrower does not become current on their mortgage within 90 days of receiving the notice, the lender then has the right to begin the formal foreclosure process.

The four counties with the highest total number of pre-foreclosure filings on owner-occupied, 1-to-4 family properties were Suffolk County, Queens, Nassau and Brooklyn. These are the same four counties that topped the last report issued on June 10, 2010.

Starting next month, the Banking Department’s online filing system will begin accepting lis pendens information on mortgages that have a pre-foreclosure notice file in the system. A lis pendens is a written notice that a lawsuit has been filed against a property and is the legal beginning of the foreclosure process. The lis pendens data will be included in the Department’s next pre-foreclosure notice report, which will be issued in January 2011.

To read the entire Banking Department press release, click here.


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