Lindenhurst NY Foreclosure (Lis Pendens) Filings Have Dropped Like A Bad Habit!
Since 2009, foreclosure/Lis Pendens filings have dropped. Is this good news? In one sense yes. On the other hand, you would think there would be a lot more short sales and REO homes on the market in Lindenhurst NY since homeowners have this option but currently, there are 53 short sales on the market in Lindenhurst NY and 1 REO property.
Definition of Lis Pendens: When you are behind in your mortgage or you owe money on a second mortgage like a home equity line of credit, your bank will file with the court a Lis Pendens which means a pending lawsuit. This is the beginning stages of the foreclosure process.
By doing research, I looked into the 165 homes in 2009 that have foreclosure filings and this is what I found:
8 sold as REO properties thus far - this is when the banks buy the houses back
4 are currently on the market as short sales
5 are Under Contract as short sales
11 have sold as short sales
***1 is currently on the market as a regular resale
***1 is currently Under Contract as a regular resale
***4 have sold as regular resales
1 home has been rented
***These homeowners owe money but not a lot and can still sell their home as a regular resale then payoff what they owe.
So, 35 homes out of the 165 have moved along in one way or another. What will happen with the other 130 homes plus the rest of the homes from 2010 through July 2012? I didn't do further research for the rest yet. Do not assume Lindenhurst NY will be flooded with REO properties and short sales. Both of these markets are slowly winding down. According to the banks, they will not flood the market with REO properties since that would really hurt the regular resales. Little by little REO properties come on the market and they get sold quickly and in my opinion that is the best way to handle it.
