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Nassau County Long Island Foreclosure results 9/22/2009
This weeks results of the public auction held each Tuesday at 11:30 AM in the Calender Control Part (CCP) Courtroom of the Supreme Court, 100 Supreme Court Drive, Mineola, NY was as follows:

Plaintiff (Bank)          Address                     Town             Upset price               Result

Option One                 10 Downs Rd               Hempstead    $202K  investor $108,000

Citi Mortgagae  529-3B W. Broadway     Long Beach     investor*   $225,000

Indy Mac               80 Rockaway Ave          Rockville Centre      investor $380,000

JP Morgan            57 Claflin Blvd                  Franklin Square        $315,000 Bank

Perla?           500 Nassau Rd Roosevelt $650,000 Bank

Indy Mac           5 Welsley St                     Hempstead          $128,840 investor $156K

Lasalle           22 Lorraine Dr               Island Park          $171,500  investor $172K

HSBC                    207 Randall Ave             Freeport                 $366,686 Bank

Emigrant               33 Ave A                          Inwood                  $155,186  Bank

American Home 83 Fairview Blvd        Hempstead        $225,000 investor $258K

Fundex?     142 Cherry Valley  Ave       Garden City          $1,201,650  (2nd) Bank

Wamu         349-351 Central Ave              Lawrence             $997,778   Bank

BS Re?          390 Emerson Pl                       Uniondale           $195,000    Bank

Deutch        477 Sterling Ave                     Uniondale            $178,500 Bank

Citi Mort     54 Sycamore Ave                   Floral Park           $348,000     Bank

HSBC          19 S Cottage St                       Valley Stream     $259.237     Bank

Notes;

68 Scheduled, 16 auctioned, Plaintiffs (Banks) took back 10, investors bought 5, *Bank of America bid on the Long Beach unit, up to the winning bid of $225,000 and won the bid. (I have only seen that once before in the last 2 years of attending the auction) My thinking is that it was a first lien protecting it’s position over the foreclosing second lien holder, or vice versa.

The Garden City auction was interesting as the upset price was stated as over $1.2 million. One of the investors asked the Referee if it was a first lien that was being auctioned. The referee responded that it was not and that it was a second lien. The investor asked further how much the first was for and he responded that the first was for $800k with negative amortization to $1.3 million.