Is Your Home-Based Business a Foreclosure Risk?
Foreclosure is the legal process by which the borrowers whose mortgage is in default are deprived of their interest in the mortgaged property. This usually involves a forced sale of the property at public auction with the proceeds of the sale being applied to the mortgage debt.
Foreclosure rates have set a record high in 2006 and will be increasing as Adjustable Rate Mortgages (ARMs) continue to reset. ARMs are mortgage loans that are made at low interest rates for a set period of time, after which the interest rates can adjust as the economy demands.
Thousands of ARMs adjusted to higher interest rates in 2006 and an estimated $1.3 Trillion ARM loans will adjust in 2007, forcing millions of home owners into Foreclosure. They will not be able to pay the higher mortgage payments because wages have not kept up with the interest increases.
| Loss Mitigation Consultants Wanted Learn how you can get paid to help prevent foreclosures. |
Are You Facing Foreclosure? Apply for a no-obligation Foreclosure prevention consultation. |
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