Sub-prime mortgages are no longer the only one thing responsible for foreclosures. Prime mortgage borrowers are being affected too.

Job losses are affecting homeowners, including those with low rate prime mortgages. Freddie Mac reported last year that 46% of foreclosures in June wee related to loss of income or unemployment.

Inman News reported a jump in prime-loan foreclosures from January to February.

HOPE NOW put the number of foreclosure starts on prime loans during February at 157,000, a 25 percent increase from the month before. Foreclosure starts on subprime loans fell by 5 percent, to 86,000.

The record 243,000 foreclosure starts recorded in February represented a 12 percent increase from the month before and a 36 percent increase from a year ago.

The good news is that NOT every home headed for foreclosure ends up loosing their homes. However, with more homeowners waiting for help assistance can get a little too late for those people who lost their income. It is imperative that lenders step up and negotiate a positive loan workout that would allow the homeowners to stay remain in home while they are actively looking for a job.

There is no dough that this homeownership nightmare in part started because of irresponsible lending, but that should not be a reason to punish responsible homeowners with fully documented prime mortgage who fall on victims of this national cause. Homeownership is the foundation of our society if we don't do something to preserve that foundation, future generations will be suffering for our mistakes.

Comments? - Thought? Bill.arce@realestatelatino.com