New York State Banking Department issues report on pre-foreclosure notices

The New York State Banking Department has announced that more than 76,744 pre-foreclosure notices were sent to New York homeowners who have fallen behind on their mortgage payments since May 31, 2010. A total of 134,000 pre-foreclosure notices have been sent since data collection began on February 13, 2010. If a borrower does not become current on their mortgage within 90 days of receiving the notice, the lender then has the right to begin the formal foreclosure process.

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