Friday, March 02, 2007

Foreclosures Increase 25 Percent

RealtyTrac reported last week that the number of homes entering the foreclosure process increased by 25% compared to January 2006. A total of 1.2 million homes entered the foreclosure process in 2006, 42% more than 2005.

These are staggering numbers and are due mostly to borrowers taking out adjustable rate mortgages with low teaser rates and then not being able to afford the payments when the rates increase.

Do you own a home in King or Snohomish County and are facing a possible foreclosure? Often, there are options that can avoid foreclosure or minimize the damage. Your home may have appreciated enough to be able to sell and get out from under the debt. Your mortgage company may be willing to participate in a short-sale, or there may be a refinancing option that will lower your payments.

Banks and mortgage companies don't want to foreclose. Foreclosure is an expensive process and lenders are not in the business of owning real estate. Often, you just need to know the right questions to ask and the right people to ask them to. So, give me a call, 425-308-3669. Myself and a reputable lender will be glad to talk with you and help in any way we can.

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