Just off the wire today. The Mortgage Bankers Association released their statistics about loans that are either in foreclosure, or delinquent or seriously delinquent. The bottom line is that more people are getting behind on loans and going to foreclosure.
The item I found particularly interesting is that the amount of delinquent prime ARM (adjustable rate mortgages) rose to over 6% nationwide.
What doest this mean for our area? Well, we are not nearly as delinquent as areas like Florida and California, but I suspect that some of you out there may fall into that category of prime ARM, and are getting behind as your payments are adjusting, or as your incomes have declined. If that is you, and you need to sell your home, don't walk away. Let us help you negotiate a short sale, to avoid foreclosure. We can help.
If you know your loan is going to adjust, contact your lender to try to modify. If you need to sell, call us, and we can help you find hope in what might look like a hopeless situation.
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