According to recent reports, more than 6 million subprime mortgages obtained from 1998 through 2006 of those more than 2.2 million are at risk of foreclosure. This will cost homeowners a loss of more than $164 billion in home equity. Some that are at risk are those who had interest-only loans and payment-option adjustable-rate mortgages. It was reported that these types of mortgages accounted for more than 1/3 of all U.S. mortgage originations in 2006.
In Central Florida area alone there are currently more than 50 homes per month running into foreclosure.
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