Foreclosures are expected to climb drastically in 2007

We have said this many times and it looks like our projections are correct, foreclosures have not yet had their peak and are expected to climb significantly throughout 2007. It appears that one of the major reasons for this continuing climb would be the adjustable rate mortgages. As indicated in this article there is a huge number of these mortgages that will be adjusting during this year. This will undoubtedly lead the spike in new foreclosures.

- This is an excerpt from an article posted by SignonSanDiego.com, by Emmet Pierce - Wednesday, Feb. 22, 2007 ”Mortgage professionals who are struggling with a national spike in residential foreclosure rates were warned yesterday to expect more of the same in 2007.
Unemployment, mortgage fraud and speculative buying are among the factors behind the recent surge in filings, experts said at a conference of the Mortgage Bankers Association.
And this year $1 trillion in adjustable-rate mortgages are due to reset before Dec. 31….
…Mortgage attorney Daniel D. Phelan echoed Sharga's concerns.
“I personally think we are at the beginning of this cycle,” he said. “It is going to get worse before it gets better.”
Sharga said 130,511 nationwide foreclosure filings in January marked a 19 percent increase over December and a 25 percent jump over January 2006. He told lenders to brace themselves for an annual jump of 20 percent to 25 percent in 2007….” www.signonsandiego.com

Mortgage companies are going to have to figure out how to deal with these foreclosures by renegotiating the mortgage and allow the homeowner to continue making payments. If they don't a lot of mortgage companies may go under from the baggage and losses from these foreclosures. Give us a chance to get your mortgage brought to a current status and out of foreclosure. We have helped thousands of people in similar situations stop foreclosure.