Record High, Mortgages Entering Foreclosures: Will You Be Affected?
Filed under: Business, News | By: Ryan
Posted on: September 6, 2007 | 1 Comment
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?
CLICK HERE to keep updated with the latest news, share a comment or problems with products and services. Follow us on twitter or read more news.
I am 80 years old, have a 30-year fixed mortgage,
have been able for one year to find only a small
weekend parttime job. My wife is unable to work,
we have been paying our mortgage from our small
savings account, which runs out in July and we will be unable to meet our mortgage payments
after that. Please help us to keep our home.