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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.