Marching Towards Record Foreclosures

The subprime crisis is reaching critical mass.

A record number of foreclosure notices swept across the country this spring, another sign of the subprime disaster’s growing intensity. What’s all the more frightening is that this landmark April-to-June quarter marks the third straight quarter that a new record has been set.

Foreclosure notices were at 0.65 percent in that latest quarter, up from 0.58 in the January-March stretch that started this year, according to a report released this week by the Mortgage Bankers Association.

Those foreclosures have roiled the country, strafing the Midwest, California and Florida especially.And it looks like worst is yet to come.

Analysts and industry insiders are estimating that another 2 million ARMs will see their low interest rates kick up to significantly higher rates in the next few months.

The time for action is now.

If you’re struggling with your home lending situation or are concerned about refinancing or securing a loan, contact the experts at Mortgage Loan Place today. We’re here to help answer your questions and offer our expertise during this extremely unstable period. Federal officials continue to grapple with the subrprime disaster and avenues of recourse, but the bottom line is there are things you can do to ensure your financial security.