More pre-foreclosure warnings were mailed to Suffolk than any other county in the state, with Nassau coming in third behind Queens, the state banking department said in its first report on the mandated notices.
Between Feb. 10 and May 31, the notices were sent to 8,293 homes in Suffolk, 6,267 in Queens and 5,755 in Nassau, according to data compiled from almost 200 loan servicers. Those were the three counties with the highest numbers
Those were among 57,256 notices sent out under a new state law that requires lenders and servicers to give all at-risk borrowers a 90-day warning before initiating the foreclosure process. The notice is an attempt to get delinquent borrowers on the loan modification process; the warning must also tell them they can go to government-approved nonprofit counselors for help.
The county rankings are not a big surprise, but state officials said the data identifies which areas need the most help.
“With the new information gained from these pre-foreclosure notices, we are now able to identify geographic areas of the most at-risk homeowners before they fall into the foreclosure process,” said New York State Banking Superintendent Richard H. Neiman, at right above, “An important part of resolving this mortgage crisis is getting homeowners the help that they desperately need before they fall too far behind to recover.”
Since the foreclosure crisis began three years ago, nonprofit agencies on Long Island have gotten extra funding from federal and state coffers to hire more counselors and help homeowners. But several nonprofits have said the funding influx has not matched the level of the crisis.