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July 26, 2011

Foreclosure figures for the first half of 2011 show no movement

 

Figures released today by the Office of the Westchester County Clerk show the courts are not entering judgments against homeowners in foreclosure.  “Unfortunately, these figures are not an indicator of an improving economy, but instead another sign that cases have stalled while lenders scramble to comply with court rules,” began Westchester County Clerk Timothy C. Idoni who noted that he expects to see an increase in activity in existing cases before the year is out.

 

The figures for the past decade are:

     
  Filings Judgments
2000-2005(avg. per year) 1,047 395
2006 (actual)  1,546  440 
2007  2,166  708 
 2008 2,206  1,304 
2009  3,123  735 
2010  2,485  598 
2011 (through June 30, 2011)  885  78 
     

As foreclosures recede a bit, it is difficult to determine whether this is due to a reluctance to start an action until all paperwork is in order or because homeowners have been better educated and are now avoiding legal action.

 

Homeowners facing foreclosure are reminded that they should immediately contact their bank or lender and try to enter into a repayment plan, secure a modified loan through a program such as Making Home Affordable (www.MakingHomeAffordable.gov), see if they qualify for refinancing with another lender or try to sell their home on their own to avoid foreclosure.  Westchester Residential Opportunities (WRO), a non-profit housing agency with offices in White Plains and Mount Vernon, conducts Mortgage Default Orientation sessions most Tuesdays in their White Plains Office.  Trained counselors are available to help at (914)428-4507 or by visiting www.wroinc.org.  

 

The Westchester County Clerk is the Clerk for the Supreme Court where foreclosure actions are heard.  The public can visit the Legal Division located at 110 Dr. Martin Luther King Jr. Blvd. in White Plains between the hours of 8:00 a.m. and 5:00 p.m., Monday through Friday, excluding legal holidays to look up legal records, judgments, liens, lis pendens, and other business records.  For more information on our Legal Division, please call (914)995-3070 or visit our website at www.westchesterclerk.com.

 

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