Adjustable Rate Mortgages lead to record Foreclosures

Foreclosures are at an all time high since records began to be kept in 1972. If so many people are losing their homes when the national unemployment rate remains under 6 percent, what could be the reason? A large majority of those Foreclosures can directly be attributed to the Adjustable Mortgage Rates or ARM’s. Thousands of Homeowners are facing foreclosure and are losing their homes because the adjustable rate mortgage has adjusted and they are now not able to make the payments. We may be looking at a Pandemic when referring to Mortgages and the future does not look any better.

It was the rage a few years ago to refinance you home with an adjustable rate mortgage. The offer was irresistible… 5% interest with low payments which would allow you to buy much more house that you could have ever dreamed. Now that dream has become a nightmare…. The rates are climbing and your once affordable payment has increased and you are on the brink of financial disaster. Most people teeter in this state for sometime just waiting for something to come along and knock them off balance. When that happens they find themselves 2-3 months behind on their mortgage and facing threatening calsl and Pending Foreclosure.

What can you do… where can you go for help? Mortgage companies are offering little assistance as they are being overrun and don’t have the staff to handle all of the foreclosure cases. They end up only helping a small percentage of people and the rest of us are left vulnerable to anyone who may come along to offer assistance. There is help but the homeowner must act quickly.

American Foreclosure Specialists can get your Mortgage problems solved and get your loan caught up. We have team of professionals that are trained to mitigate your past due amount into something that you can afford. They will develop a strategy to cure your situation that fits within your budget and that the Mortgage Company will approve.