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USATODAY.com Article – One in Five ARM Loans In Default

If you only read one blog entry on this entire blog, this the must readespecially if you have an ajustable rate mortgage (ARM). This is over a year old, but is just as true today.

http://www.usatoday.com/money/perfi/housing/2006-04-03-arms-cover-usat_x.htm

Here are some significant quotes:

“Of the 7.7 million households who took out ARMs over the past two years to buy or refinance, up to 1 million could lose their homes through foreclosure over the next five years because they won’t be able to afford their mortgage payments, and their homes will be worth less than they owe”

“Already, in West Virginia, Alabama, Michigan, Missouri and Tennessee, about one in five homeowners with a high-interest (subprime) ARM was at least 30 days late at the end of last year, according to the Mortgage Bankers Association. After 90 days, the foreclosure clock starts ticking.”

The article includes some amazing stories – if you’re facing a simular situation, you’ll see that you’re not alone. Many of these people will lose their house to foreclosure. The article also lists some places to go for help and advice.

Quite simply, for many people, life “events” happen and their houses simply become non-affordable. When that happens, we can help.

Joel

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