As of this morning in the town of Huntington, there are more than  590 pre-foreclosure properties and 28 bank owned (REO) properties. This includes Melville, Dix Hills, Centerport, Greenlawn, Northport, Huntington Station as well as Lloyd Harbor and Cold Spring Harbor.

Lets put in all in perspective:

Here are some of the top cities nation wide with the highest pre foreclosure numbers

Las Vegas Nevada:  37,138 properties

LA, California:  13,485

Miami, FLA:  9,763

Orlando, FLA:  6,244

and here is where Suffolk county falls:

Suffolk County Long Island: 2,956  about 600 of these are Huntington Township.

Many houses/borrowers hit the lesPendens rolls after a three month default on the first loan. There are a tremendous amount of  issues involved here but most of the homeowners in peril have only owned these properties for a few years. I am in the process of contacting these home owners to let them know there are several options for them. The biggest issue is understanding the marketplace and mentality of the banks in all of this. It is so hard to face the reality of the situation but not doing anything is the least construtive path to take.

Banks will take less than owed. Which in my experience, is fair market value. Buyers are looking for a fair market price. This is pure brokerage. Putting the two together is what professional realtors do.

Banks are working with homeowners to re readjust the mortgage as well. There are ways to make it work.

The biggest challenge is credit and keeping a home owner as buoyant as possible. The buyer needs to have a good criteria for the long hall. The time involved can be long. I have ad sales take almost a year, however I have also had situations where the sale of a preforeclosure property turned around inside a month. The moratorium on the banks action has been lifted so things are taking less time. Good for the buyer and it could be for the seller if they have a place to go. A rental etc.

Action and facing the situation head on is key to be able to recoup if your house is to be foreclosed upon. Equally a buyer needs to be diligent and well armed for the inventory and negotiations.