New York City saw fewer foreclosures in January, but the good news comes with some ominous warnings.

Slightly more than 600 homes were forced into foreclosure last month in New York City. That is a whopping 53 percent decrease compared to the number of foreclosures in January 2011. However, with the $25 billion settlement between 49 states and five of the nations largest mortgage lenders, banks now have a clear set of guidelines and they could begin ramping up the number of foreclosure filings.

In New York City, Brooklyn had 292 foreclosure filings during the month of January. In the Bronx, there were 99 foreclosure filings. Both boroughs saw a 47 percent decline in foreclosure filings compared to last year, but a slight increase in the number of filings compared to December.

Although the decline in foreclosures likely gives people hope that things could be turning around, close to 95,000 warning notices were sent to homeowners in 2011. From these numbers it is clear that the housing crisis is anything but over.

A home is a sacred place for many people. As people get farther and farther behind on their mortgage payments, they may feel helpless and overwhelmed. Fortunately, there are places to turn for help.

Residents of New York City facing foreclosure would likely benefit from consulting with an attorney. An attorney can help people determine what the best course of action might be. For some, bankruptcy is the best option. For others, a loan modification may be the answer. Whatever the case may be, an attorney can help people get back on track.

Source: NY Daily News, "NYC foreclosures are down sharply, but will likely start to go up again as banks get back to business," Phyllis Furman, Feb. 16, 2012