| It may have taken a bit longer than the rest of the | | | | through legitimate foreclosure prevention services. |
| country but the sub-prime cloud is casting its shadow | | | | The government is showing signs of getting involved |
| over the Empire State. | | | | in a big way to try and stem the foreclosure tide. |
| The entire state registered a rise in foreclosures of | | | | There is also legislation being proposed by Sen. |
| over 22% from July 2006 - July 2007. No place was | | | | Charles Schumer (D-NY) to increase the amount |
| spared it seems. In Queens the number of | | | | given to subsidy-assisted lenders such as Fannie Mae |
| foreclosure filings rose 126% in one month, while | | | | and Freddy Mac to enable them to buy and refinance |
| Staten Island reported in with an increase of 102%. | | | | properties to prevent foreclosure. |
| Scarier still is these two boroughs weren't even the | | | | New York foreclosures can take up to 15 months, |
| hardest hit. that distinction belongs to Staten Island | | | | which is longer than most other states. You might |
| which got hammered with a 184% increase in | | | | get blind-sided as lenders are not required to send a |
| foreclosures in the previous 12 months. All told the | | | | warning prior to initiating the foreclosure process as |
| five boroughs showed an increase of 55% over the | | | | this is not required in New York. |
| past year. | | | | In the long run the situation in New York appears to |
| In the rest of the state the news is mixed, but three | | | | better than most other states. The real estate |
| counties showed increases of over 30% with Nassau | | | | market has remained resilient, homeowners are far |
| County leading the pack at 82%. | | | | more in foreclosure knowledge, and they are |
| The source of all the trouble is the same here as it is | | | | protected by borrower-friendly real laws. |
| across the country. The sub-prime market at the | | | | is a forerunner in the foreclosure prevention service |
| height of its popularity handed out home loans at | | | | industry, helping people to stop foreclosure in New |
| lower interest rates which jumped dramatically after | | | | York. Our experience, along with our passion to help |
| they reached their reset periods. Those homeowners | | | | homeowners through this challenging time, set us |
| lured in with the prospect of lower monthly | | | | apart from the competition. We only succeed if you |
| payments during the early part of the loan found | | | | are able to avoid foreclosure in New York and save |
| they had bills they couldn't pay, and few options | | | | your home with our assistance. Visit our website or |
| available to avoid foreclosure. | | | | call us at 1-888-472-8380 for a no-obligation |
| For those homeowners looking for help to stop | | | | consultation. |
| foreclosure in New York there is assistance available | | | | |