Almost half a billion dollars of Long Island mortgage loans were put into foreclosure from September through December 2008.
Here are the latest statistics showing the number of lis pendens filed on Long Island.
|Long Island Lis Pendens Filings|
|Fourth Quarter – 2008|
|East Hampton Township||19||9,678,000||517,500||509,368|
|Shelter Island Township||0||0||0||0|
|North Hempstead Township||60||30,812,990||463,500||513,550|
|Oyster Bay Township||99||49,236,767||391,623||497,341|
A foreclosure proceeding is started when the mortgagee files a document called a lis pendens with the county clerk.
The median mortgage being foreclosed is in the $300,000 to $400,000 range, which is a hefty amount for many Long Islanders to afford.
Many of these homeowners may be able to save their homes by filing for Chapter 13 bankruptcy.
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