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Long Island Foreclosures Among Highest In New York State

LongIsland.com

The foreclosure crisis won't let up for Long Islanders. According to a report released by Thomas DiNapoli, New York State Comptroller, Suffolk and Nassau counties finished second and third highest in the state for foreclosure ...

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The foreclosure crisis won't let up for Long Islanders. According to a report released by Thomas DiNapoli, New York State Comptroller, Suffolk and Nassau counties finished second and third highest in the state for foreclosure filing rates during the first quarter of 2011. In 2010, downstate accounted for nine of the ten counties with the highest foreclosure filing rates, according to a statement from DiNapoli's office. DiNapoli further announced that he review municipalities to assess banks' compliance with laws on maintaining foreclosed properties. According to State law, banks are required to maintain properties until ownership is transferred to a new buyer. The backlog of foreclosures and the muddled process required to bring a foreclosure to fruition has dragged out the foreclosure time-line to more than 900 days to complete. Often, these properties are abandoned making them prone to disrepair. DiNapoli stated that the main culprit in prolonging the foreclosure lies with documentation issues.