lispendEast Hampton and Westhampton have the highest figures, followed by Hampton Bays, Sag Harbor, and Riverhead.

L. Mindnich

Thanks to Laurie Mindnich of Options Realty on the North Fork for this report on lis pendens filings for the East End so far this year. Laurie has a pretty good handle on the foreclosure pulse, here on the East End.

Keep in mind that lis pendens is the first step a bank or lender takes when a mortgage falls behind. At this point, the borrower has the opportunity to catch up on payments, or start discussions with the lenders loss mitigation department to either sell the house (possible short sale if the mortgage amount is higher than the value of the home) or negotiate a loan modification, something that is becoming quite popular as a way to avoid the high costs of and disjarring nature of foreclosure.  So, for those who are looking to ‘make a killing’ by jumping on foreclosures because someone told you that’s the way to make money in real estate these days…this isn’t Bakersfield or Las Vegas or Central Florida.  There are still not many foreclosures and competition for them is steep. But, stay tuned…that may change.

It would be interesting to know the percentage of lis pendens that go into foreclosure in this market…anyone have that info?  Anecdotally, it feels like less than 10% over the last year or so…wonder how the new homeowner bailout package might effect that?

click on the link below to get Laurie’s post:

Pre-Foreclosure Report for the East End of Long Island

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