Foreclosures soar on Long Island

The number of Long Island home foreclosures continued to pile up in February, according to the latest statistics. RealtyTrac reported that there were 933 new cases of home foreclosures last month on

News 12 Staff

Mar 13, 2009, 12:10 AM

Updated 5,610 days ago

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The number of Long Island home foreclosures continued to pile up in February, according to the latest statistics.
RealtyTrac reported that there were 933 new cases of home foreclosures last month on the Island, a 54 percent increase from the month before. The report says there were 607 foreclosures in Suffolk County and 326 in Nassau County. The previous month there were 606 foreclosures total. The hardest hit communities include Central Islip, Brentwood, Wyandanch, Deer Park and Bellport.
Daniel Lopez, of the Home Solutions Network in Brentwood, says many homeowners who would otherwise face foreclosure are taking advantage of a new federal program. The program lets homeowners modify their existing loan rates or refinance.
Real estate experts tell News 12 Long Island the foreclosure rates in Central Islip and Brentwood could have been even higher were it not for the new federal guidelines. Lopez says he foresees fewer foreclosures in the future and more loan modifications.
Nationwide, RealtyTrac said the number of homes facing foreclosure surged by 30% in February.
RealtyTracObama mortgage modification plan explainedGuidelines for new federal programForeclosure Prevention Act of 2008 Home Solutions Network LLC


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