New York Foreclosure Listings Still Below Nationwide Average

By: Bob Smith

New York foreclosure listings exist but the properties move
fast. The population of New York is ever growing, New Yorkers
do not want to leave their city, thus making real estate a hot
commodity. When a New York homeowner faces financial
difficulties and begins to default on their property, its rare that
it actually ends in foreclosure. There seems to always be a
buyer for a New York address.

First of all, the New York homeowner is awarded time due to
state laws. For a home in New York to be foreclosed by a
lender, a court order must be rendered. This ??buys?? the
homeowner time for several options.

The first option is to attempt to refinance. Many times a
homeowner that is not meeting their mortgage commitment
doesn??t have a stellar credit history, however, there are
lending institutions offering programs that have been
developed for this situation. Countrywide Home Loans, for
instance, has a subsidiary which now offers different financing
options for homeowners who have fallen on hard times and
need help keeping their homes and getting back on their feet.
This is accomplished in a number of different ways, adjustable
rates, interest only for a period of time or even a greater than
30 year life of the loan. These programs allow the
homeowner to keep their home at a lower monthly payment
and to continue to gain equity. Most importantly, it offers the
homeowner time to fix their finances without the added stress
of losing their home.

Another option is to place the home on the market. Since real
estate is a hot commodity, many homeowners have the
availability to sell their home to get out from under the
financial commitment to their lenders. The important step
here is to make sure the proceeds from the home sale covers
the financial commitment still owing to the lender. The
homeowner should present the house in its ??best light??, and
attempt to walk away with some of the equity that hopefully
has accumulated. If a house is found on a foreclosure listing,
even as a preforeclosure, there will be floods of low ball
offers. The homeowner may be pressed to entertain these
offers, however, needs to be certain that he can walk away
from any transaction avoiding the negative mark of
foreclosure on his credit report.

The lender??s loss mitigation department may offer or extend to
the homeowner any number of additional options. If a
homeowner finds their property on a New York foreclosure
listing, to act proactively and responsible is the best way to
get resolution to the matter.


» More on Foreclosures