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Notice of Lis Pendens Issued Rises in Several Areas of New York

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By : John Cutts    99 or more times read
The number of issued notice of lis pendens has risen in several areas of New York during the February to May 2010 period, according to a report published by the New York Banking Department. Some of the areas that posted increases were Queens, Brooklyn and Long Island.

According to the report, Brooklyn foreclosure listings grew during the period in focus, with Brooklyn's Kings County accounting for 8.2% of total state pre-foreclosure filings during February-May. The county ranked fourth in terms of number of pre-foreclosures and foreclosure notices received; with 6.3% of the area's total mortgage holders affected by foreclosures.

Foreclosure listings in New York recorded growth during the period covered by the report; with Suffolk County getting hit the hardest, accounting for 14.8% of all notice of foreclosures issued in the state. Suffolk was followed by Queens, accounting for 11.3% of notices for a total of 15,184 households receiving notices.

Another local area where one can find foreclosure houses in increasing numbers is Nassau. The county came in third, representing 10.2% of overall number of state households getting a pre-foreclosure or foreclosure notice. The report also revealed that seven counties in the top 10 are from the downstate, which included all boroughs except New York County's Manhattan.

The report on notice of lis pendens has a starting coverage date of February 13, 2010, the time when new foreclosure filing requirements were implemented in the state. Under the revised requirements, all delinquent borrowers will receive pre-foreclosure notices three months or 90 days prior to the start of the foreclosure process.

The requirements also call for lenders to inform the Banking Department of the filings in three days after they have been executed. The purpose of this requirement is to allow the department to offer assistance to homeowners facing potential foreclosures.

Meanwhile, a few days after the publication of the report, New York Attorney General Andrew Cuomo issued a statement that he has sought information from several mortgage servicers in the state regarding the issue of robosigning or the practice of filing foreclosure affidavits and issuing notice of lis pendens without first verifying or reading pertinent documents. Cuomo has further stated that he will not let homeowners in the state lose their properties due to falsely filed affidavits.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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