| It may have taken a bit longer than the rest | | | | couldn't pay, and few options available to |
| of the country but the sub-prime cloud is | | | | avoid foreclosure. |
| casting its shadow over the Empire State. | | | | |
| | | | For those homeowners looking for help to stop |
| The entire state registered a rise in | | | | foreclosure in New York there is assistance |
| foreclosures of over 22% from July 2006 - | | | | available through legitimate foreclosure |
| July 2007. No place was spared it seems. In | | | | prevention services. |
| Queens the number of foreclosure filings rose | | | | |
| 126% in one month, while Staten Island | | | | The government is showing signs of getting |
| reported in with an increase of 102%. Scarier | | | | involved in a big way to try and stem the |
| still is these two boroughs weren't even the | | | | foreclosure tide. There is also legislation |
| hardest hit. that distinction belongs to | | | | being proposed by Sen. Charles Schumer (D-NY) |
| Staten Island which got hammered with a 184% | | | | to increase the amount given to |
| increase in foreclosures in the previous 12 | | | | subsidy-assisted lenders such as Fannie Mae |
| months. All told the five boroughs showed an | | | | and Freddy Mac to enable them to buy and |
| increase of 55% over the past year. | | | | refinance properties to prevent foreclosure. |
| | | | |
| In the rest of the state the news is mixed, | | | | New York foreclosures can take up to 15 |
| but three counties showed increases of over | | | | months, which is longer than most other |
| 30% with Nassau County leading the pack at | | | | states. You might get blind-sided as lenders |
| 82%. | | | | are not required to send a warning prior to |
| | | | initiating the foreclosure process as this is |
| The source of all the trouble is the same | | | | not required in New York. |
| here as it is across the country. The | | | | |
| sub-prime market at the height of its | | | | In the long run the situation in New York |
| popularity handed out home loans at lower | | | | appears to better than most other states. The |
| interest rates which jumped dramatically | | | | real estate market has remained resilient, |
| after they reached their reset periods. Those | | | | homeowners are far more in foreclosure |
| homeowners lured in with the prospect of | | | | knowledge, and they are protected by |
| lower monthly payments during the early part | | | | borrower-friendly real laws. |
| of the loan found they had bills they | | | | |