Thursday, May 24, 2012

Foreclosure News-Foreclosure's on the Rise

Mortgage Rate Today - Foreclosure News-Foreclosure's on the Rise
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The biggest presuppose for the up-to-date growth nation wide is due to a raise in interest rates for citizen that were stylish on 2 year fixed rate programs that now can't afford the growth in the rate and are not able to refinance.

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In the state of Michigan there have been weighty lay offs in the auto business that has contributed to the economic stress for many home owners. Over the past some years lenders have stylish marginal credit on purchases of new homes. This borrowers were put into 2/28 sub-prime loans and after the fixed rate duration were not able to refinance due to prolonged or worsened credit issues or properties depreciating.

It is prominent when a new home buyer is put into a sub-prime loan that they have a plan to enhance there credit before the 2 years is up so they can refinance into a accepted loan at a lower rate. This plan should involve the borrower and lender/Mortgage Broker/Loan Officer and have a result up plan in place to have the best inherent opportunity for success.

Lenders have now began to growth there requirements for borrowers to qualify for 100% financing sub prime loans. Many loans that were stylish as up-to-date as 3 months ago would today probably be denied.

If you are facing a foreclosure there are steps that can be taken to help you either sell the property or negotiate with the lender but you need to act quickly. Many programs offer Loss Mitigation Counseling, Loan Modification, property Investor Referral and many more types of programs to help you save your home or sell your home.

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