RealtyTrac, Inc., a California-based company that tracks the foreclosure market, released data that showed U.S. foreclosure filings in August jumped 115 percent compared to August 2006 and rose 36 percent compared to July 2007, the Boston Herald reported September 18, 2007.
"The filings include default notices, auction sale notices and bank repossessions. Some properties might have received more than one notice if the owners have multiple mortgages."
Multiple mortgages is not uncommon in recent years. One reason many home buyers have two mortgages is that they took out two loans in order to avoid paying private mortgage insurance, commonly referred to as PMI.