Foreclosures In Virginia Continue To Skyrocket
An all too familiar site continues on courthouse steps across the state of Virginia as homes in foreclosure continue to go on the auction block. Foreclosure filings have increased more then 300 percent this past July over the same time period of last year.
A reported 1,959 foreclosure filings were reported in Virginia during July alone. According to RealtyTrac the state of Virginia is currently averaging one in every 1,621 households, is in foreclosure. When compared to other states Virginia came in 21st place.
Over the past six months the number of cash-strapped homeowners seeking to stop foreclosure on their Virginia homes has increased sharply. During the red-hot real estate market 2004 and 2005, many Virginians eagerly entered into adjustable-rate mortgages to buy or refinance a home. The trouble started once the interest rates on ARM loans adjusted upwards. This combined with sharply increasing property taxes created a burden on many borrowers they had unanticipated. The result is that many Virginia homeowners were unable to meet their greatly increased monthly mortgage payments.
Many housing and financial experts feel the rising trend in foreclosures not just in Virginia, but nationwide will continue as adjustable rate mortgages don't appear to be adjusting down in the near future.
Historically when a homeowner lost a home through foreclosure the primary reasons were job loss, unexpected medical expenses, or divorce. A borrower typically relied on a 30-year, fixed rate mortgage and they had to have good credit to even apply.
Early in the 2000's things started to change. As home prices increased and homeowners with marginal credit were unable to obtain a fixed rate loan some lenders responded with an array of alternative mortgage products. These included adjustable-rate mortgages with flexible payment options and interest-only loans. Short-sighted individuals bent on homeownership simply failed to plan for the higher monthly payments that would begin once the “teaser” rates on their adjustable-rate mortgages expired.
Adding to this problem was the issue of homeowners mining the newly found equity in their homes. Many took out second mortgages or lines of credit against their equity to eliminate credit card debt. While noble in gesture few were able to curb their ingrained spending habits and promptly maxed out their credit cards again. Without the extra means to cover the added expense of the credit card bills homeowners found themselves in financial hot water with no means to bail themselves out. They had few alternatives available so they allowed their homes to slip into foreclosure.
Victim or Victor – the Choice is YoursYou could lose everything or you could come out of this with more than you ever thought possible. It all rides on your decision to contact us. The sooner you do that, the better the outcome. Get started and stop foreclosure now by answering a few questions for us . To Talk to Someone Now Call: 1-888-I-SAVE-80 There's no obligation. In fact the initial consultation is FREE. And that may be all you'll need to stop the foreclosure for good. Learn What You Can Do To Avoid Or Stop Foreclosure |