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Foreclosure rates soar as grace periods close

Foreclosure rates are up across Long Island and the rest of the state as moratorium periods come to an end and banks are cracking down on those who can ?t pay their mortgages. Foreclosures are up 30

News 12 Staff

Apr 15, 2009, 11:43 PM

Updated 5,777 days ago

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Foreclosure rates are up across Long Island and the rest of the state as moratorium periods come to an end and banks are cracking down on those who can ?t pay their mortgages.
Foreclosures are up 30 percent statewide and almost one out of 10 homeowners in Nassau is on notice of possible foreclosure. Several banks, like JP Morgan Chase, Fannie Mae and Freddie Mac, have lifted their self-imposed moratoriums on foreclosures and are stepping up proceedings.
Connie Lossandro, from Nassau?s Office of Housing and Homeless Service, says there have been more than 1,300 new foreclosure filings in the county this year. She says banks are starting to move more aggressively on foreclosures. However, Lossandro is not sure if policy changes at banks are the reason for the increase. She says it will take a few months for everything to become clear.
Long Island Housing PartnershipNassau Housing and Homeless Services