First 90 Day Foreclosure Protection Ends December 2nd.

November 14th, 2008 category: East End LI Foreclosures

New York, in an effort to mitigate the standard foreclosure procedure in the state, added 90 days to the process, effective Sept. 2.

All homeowners MUST receive a letter of an intent to foreclose 90 days before official procedures begin (including notice of a lis pendens), adding three months to the typical 444 days (on average) that a typical NY foreclosure consumes.

December 2nd will mark the end of the respite for properties provided this notice on September 2nd, and so on.

According the this article, states one jump ahead of New York are experiencing the cycle of extended relief from foreclosure- evidently, without the hoped for results.

At some point, these extensions will work their intended outcome. Unfortunately, before we view “fewer lis pendens” reports with relief, there is a method in place reducing notices to homeowners that will resume after December 2nd, and henceforth. As noted in the above article, it’s a numbers-skewing piece of legislation, with potential good.For those looking to sell a property in New York, this is important to know, because as the distressed properties (having  been delayed) enter the market, pricing will be critical for your own house.

For those looking to buy a property in New York, awareness of a respite (not a market change-yet) will provide you with a feel for what’s coming, what to expect, and how to respond.

When accepting market changes with awareness of the good and bad, choosing a direction is a bit easier (if not easier to take).

Options Realty offers buyer agency, with an eye toward realistic expectations on both sides of a transaction.

This entry was posted on Friday, November 14th, 2008 at 2:33 pm and is filed under East End LI Foreclosures. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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