Program to Deal with MS Foreclosures
With MS foreclosures still on the rise, the counties of Nasau and Suffolk have developed the National Community Stabilization Trust program. Banks who take part in this program will give the local governments the first chance to inspect and buy some of the foreclosed properties. Local officials will be given three weeks to look over the properties and complete a sale because banks usually require three weeks to prepare for a public auction. The program has the goal of minimizing the negative effects of foreclosure news because of the rising number of investors and first-time buyers who want to take advantage of the crisis.