The recent report released by Mortgage Bankers Association on Mortgage Foreclosure numbers, revealed that at present the mortgage market is involved in the most awful foreclosure crisis in the recorded history. It is almost 15 percent of the sub prime borrowers defaulted and the prime borrowers have started to follow suit. During the last few years, many people with the help of easy credit and adjustable rate mortgages bought big and expensive homes; thinking that when the home price will rise and they will be in profit.
The rate of foreclosure during the last quarter has passed the highest point recorded 54 years back in the year of 1953. The number of sub prime borrowers those who are currently behind on their home loans has increased to 14.82 percent. The homes that are purchased with 2/28 adjustable rate mortgages are under the highest percentage of foreclosure. The credit crunch is not only making mortgage financing tougher but also it also pushing more homeowners towards foreclosure.
According to most recent Mortgage Bankers Association’s survey, the foreclosure crisis is likely to increase in the near future. Since during the last quarter, the...
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