Record High, Mortgages Entering Foreclosures: Will You Be Affected?

Our banks must be having quite a few laughs at the moment, because this really does sound like a joke. The rate at which home loans are actually entering the foreclosure process has risen to a record high, regarding the second quarter of 2007.

This is bad news for all that have a mortgage, because the weight will be taken off their shoulders and onto theirs. Interest rates will inevitably soar in accordance to the situation the banks are in.

“What continues to drive the national numbers … is what is happening in the states of California, Florida, Nevada and Arizona,” said the MBA chief economist.

“The seriously delinquent rate for prime fixed-rate loans was essentially unchanged from the first quarter of the year to the second,” he said.

Will you be affected by the Mortgages entering the foreclosures? What do you think of the situation?