It may have taken a bit longer than the rest of the country but the sub-prime cloud is casting its shadow over the Empire State.

The entire state registered a rise in foreclosures of over 22% from July 2006 ? July 2007. No place was spared it seems. In Queens the number of foreclosure filings rose 126% in one month, while Staten Island reported in with an increase of 102%. Scarier still is these two boroughs weren't even the hardest hit. that distinction belongs to Staten Island which got hammered with a 184% increase in foreclosures in the previous 12 months. All told the five boroughs showed an increase of 55% over the past year.

In the rest of the state the news is mixed, but three counties showed increases of over 30% with Nassau County leading the pack at 82%.

The source of all the trouble is the same here as it is across the country. The sub-prime market at the height of its popularity handed out home loans at lower interest rates which jumped dramatically after they reached their reset periods. Those homeowners lured in with the prospect of lower monthly payments during the early part of the loan found they had bills they couldn't pay, and few options available to avoid foreclosure.

For those homeowners looking for help to stop foreclosure in New York there is assistance available through legitimate foreclosure prevention services.

The government is showing signs of getting involved in a big way to try and stem the foreclosure tide. There is also legislation being proposed by Sen. Charles Schumer (D-NY) to increase the amount given to subsidy-assisted lenders such as Fannie Mae and Freddy Mac to enable them to buy and refinance properties to prevent foreclosure.

New York foreclosures can take up to 15 months, which is longer than most other states. You might get blind-sided as lenders are not required to send a warning prior to initiating the foreclosure process as this is not required in New York.

In the long run the situation in New York appears to better than most other states. The real estate market has remained resilient, homeowners are far more in foreclosure knowledge, and they are protected by borrower-friendly real laws.

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