Foreclosures Are at All-Time High
By Chip Parker, Jacksonville Bankruptcy Attorney on Mar 14, 2007 in Benefits of Bankruptcy, Chapter 13 Bankruptcy
As reported in an article by AP reporter, Jeanine Aversa, the number of late mortgage payments has risen to a three year high, and foreclosures are at an all-time high. The Mortgage Bankers Association reported that approximately 2,153,250 home loans were delinquent, which represents about 5% of all outstanding residential mortgages. Delinquency and foreclosure rates were considerably higher for high-risk loans, especially adjustable rate loans. Not surprisingly, Madlen Read of the Associated Press reports that the stock market plunged more than 240 points (on 03/13/07), fueled by troubles in the subprime lending industry.
Doug Duncan, the Mortgage Bankers Association’s chief economist, recommends that borrowers having trouble with their monthly payments contact their lender as soon as possible to work on the problem.
For those individuals finding themselves in foreclosure, Chapter 13 bankruptcy is often the best way to reorganize personal finances, eliminate debt and save their home and cars.
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