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“ Craig D. Robins, Esq., has been a practicing Long Island bankruptcy attorney for over twenty-four years ”
Long Island Foreclosure Cases Are Up
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Written by Craig D. Robins, Esq.
Foreclosure cases are increasing again on Long Island according to a report that was published in yesterday’s Newsday.
New Numbers Show Foreclosures Rising Again on Long Island
In January, there was a 23 percent increase over last year in foreclosure proceedings that were commenced on Long island. This included 504 homes in Nassau County and 626 homes in Suffolk County — a total of 1,130 homes for the month.
A foreclosure proceeding is started when the lender files a notice of a pending foreclosure law suit with the County Clerk. The notice is called a “lis pendens,” a Latin legal term which translates to “notice of pendency.”
Homeowners have several options for dealing with foreclosure situations. Here are some recent articles that I’ve written about the possibilities:
Many New York Foreclosure Suits Are Dismissed Because They Are Defective . I discussed how many foreclosure proceedings are sloppily prepared, creating all sorts of defenses for the homeowner.
Mortgage Companies Entitlement to Bring Foreclosure Proceedings: Prove It or Lose It . Mortgage companies sell and assign their mortgages so frequently that sometimes the mortgage company bringing the foreclosure proceeding doesn’t have the legal right to do so.
One-Fourth of All U.S. Homeowners Are Underwater. What Should These Homeowners Do? . If there is no equity in your home, you may want to explore certain options.
Foreclosure Law Discussed by Four Suffolk County Supreme Court Judges. Judges at a recent seminar gave some valuable advice about defending Long Island foreclosure suits.
Chapter 7 Cram-Down of Second Mortgages. A new Long Island bankruptcy case gives Chapter 7 debtors the ability to wipe away second mortgages under certain circumstances.
Bankruptcy Can Provide Way Out of Bad, Highly-Leveraged Real Estate . Homeowners in foreclosure should consider bankruptcy as an option.
Many Owners of Million Dollar Homes Filing for Bankruptcy. Even those with expensive homes can consider bankruptcy as an option.
Federal Crackdown on Mortgage Modification Companies . Homeowners beware. Most mortgage modification companies will rip you off.
Is a Short Sale a Reasonable Alternative to Foreclosure on Long Island? Think twice about considering a short sale as an option.
