Click Here To Receive FREE Email Updates!

Current ArticleMain Content RSS FeedSubscribe

Facing Foreclosure? You’re Not Alone.

According to the Mortgage Bankers Association, mortgage foreclosures hit a record high the first quarter of this year.  The Washington Post reports that

[t]he problems arose last year as the housing market softened, driving down home prices and making it more difficult for cash-strapped borrowers to sell their homes or refinance their way out of trouble.

The most dramatic fallout took place in the subprime market, which caters to people with blemished credit or other factors that make them a risk to lenders.

The report notes that foreclosure rates are not uniform across the country, and that overall rates would have fallen if not for big jumps in California, Florida, Nevada and Arizona, and high rates in Michigan, Indiana, and Ohio.  Is that supposed to make us feel better?  Last time I looked, a significant percentage of the population of this country lives in California, Florida, Nevade, Arizona, Michigan, Ohio, and Indiana.

Ah, but the Federal Reserve is coming to the rescue, inviting consumer groups, lenders and other experts to weigh in on how it can rewrite its rules to prevent predatory lending. At that meeting this week, no consensus was reached on any of the issues.  Color me unsurprised.

If you liked that post, then try these...

Bankruptcy Basics: What Is Bankruptcy? by Brett Weiss, Maryland Bankruptcy Attorney

Who Are The Trustees In Your Neighborhood? Part V by Rachel Lynn Foley - Kansas City, MO Bankruptcy

What is the Impact of My Personal Bankruptcy on My Small Business? by Jonathan Ginsberg, Atlanta Bankruptcy Attorney



Want even MORE information delivered to you - for FREE?
Just fill out this form to subscribe to Network News!

Your Name:
Email Address:
State You Live In:

Trackback URL

RSS Feed for This PostPost a Comment

You must be logged in to post a comment.