Foreclosure crisis: If you still have money, you might be able to pick up that Hamptons crib you always wanted on the cheap

There's no escape from the mortgage crisis, not even in the Hamptons, as the NY Post reports that some very tony homes are facing foreclosure, including one from a former UBS executive.

In the first three months of this year, banks have launched preliminary foreclosure actions - known as lis pendens proceedings - against a record 120 borrowers in East Hampton and Southampton towns.

Twenty percent of those borrowers live in homes that are worth more than $1 million, according to figures from the Suffolk County clerk.

"This problem didn't even exist before," said John Brady, a broker with Coldwell Banker in East Hampton. "They used to pop up once in a while, and you wouldn't even pay attention. Now you expect to see new ones every week."

Brady said the high-end, delinquent borrowers are finance types, lawyers and speculators who overextended themselves on second homes and investment properties.

Some of those mentioned facing foreclosure:

* Former UBS executive Marc Warren is in lis pendens on a $1 million mortgage for a Mitchells Lane pad in Bridgehampton.

* Investor Roger Thanhauser is trying to sell a home on Main Street in East Hampton village to avoid foreclosure.

Trouble In LI Paradise - NY Post