February 27, 2011 | by The Long Island Real Estate Report |
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The past several months have shown an unprecedented number of Lis Pendens being re-filed.
The chart below shows the number of monthly Lis Pendens notices that were the result of a re-filing.
Most of these re-filings were due to the unusual length of time that it has been taking for a Lis Pendens to move forward to the next stages (appointment of a referee and Judgment of Foreclosure).
This extended time has caused many Lis Pendens to approach their expiration date (3 years) forcing the Plaintiff Attorneys to renew.
The slowing down of the process has been brought about by several factors, including the extremely large number of mortgage foreclosures during the past few years, as well as the legislative actions taken to cause the lenders to modify their procedures.
As the chart shows, there has always been some small number of re-filings each month, most of them not caused by a 3 year delay.
Since the beginning of 2010, that number has continued to rise, to a high of 172 in December, representing 20% of the total filings for the month.
The chart below shows the relationship between new notices and re-filings.
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