Released: February 15, 2007

Mortgage crisis? Act now to avoid foreclosure

Source: Fred Yager, ConsumerAffairs.Com

Are you one of the millions of homeowners who went for one of those enticing variable or adjustable rate mortgages only to see your monthly payment, which started off low, continuing to rise, escalating to the point where it’s harder and harder, or even impossible, for you to keep up your payments?

Unfortunately, this is an all-too-common scenario being played out across America.

According to the Mortgage Bankers Association (MBA), an estimated $1.5 trillion in adjustable rate mortgages (ARM) are going to see another increase in interest rates this year alone. The MBA predicts this will prompt homeowners to refinance about $700 billion worth of those adjustable rate mortgages.

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