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