Foreclosures Are Increasing
Foreclosure filings are up more than 57% from a year ago and it is expected that many people will continue to face trouble as adjustable rates re-set. I have clients calling me daily who say that their payments have increased to the point where they cannot afford their own house. Some payments have doubled. The question that is being debated now, by lenders and borrowers, by Democrats and Republicans, is who is to blame for all this? Is it the homeowner who took an adjustable rate loan once, knowing that it might be difficult to pay back if values decline? Or, is it the lender who made thousands of these loans?