Dealing with the current foreclosure crisis for some has become very tough in recent months with rates on ARM loans (Adjustable Rate Mortgages) skyrocketing. So I have a get video with some great tips on dealing with foreclosure.
Check it out.
Currently the US is experiencing so many issues with foreclosures, but the mortgage industry has also felt the wrath of this recession. Several major banks have already gone under and currently there are around 300 other banks on the watch list. No one is saying which banks they on that list for fear that people may take a run on the banks.
However sources tell me that we haven’t seen the worst of this foreclosure storm yet. The last of the ARM and Flex payment loans were made late in 2002 and 2003. Which means a lot of the ajustable mortgages have yet to ajust. They are telling me it won’t be till the end of 2009 or possibliy the beginning of 2010 till we start to see some light at the end of this tunnel.