Avoiding Foreclosure Advice Available From LoanPage.com
For many homeowners, the danger of foreclosure is becoming more real, and LoanPage.com is working to connect more homeowners with mortgage lenders who can provide just-in-time refinancing. In markets such as Las Vegas, where Fiserv predicts home values will drop by almost 9 percent this year, now is a critical time for homeowners to take steps to stop foreclosure from becoming a reality.
(PRWEB) May 21, 2007 -- Because of resetting rates on popular adjustable rate mortgages (ARMs) and other changes in the market, many homeowners are in dire need of refinancing. LoanPage.com, a complete source of mortgage loan tools and lenders, has the resources to help homeowners protect against foreclosure, including the article "Protecting Your ARM-Financed Home Loan From Foreclosure" (http://www.loanpage.com/articles-and-advice/refinancing/protecting-your-arm-financed-home-from-foreclosure.aspx).
In Nevada the foreclosure rate is up 220 percent from last year, and in Florida, where Miami homes are predicted to drop in value this year by 8.8 percent, the number of foreclosures is up 54 percent. Homeowners worried about rising mortgage payments on their ARMs are now worried about avoiding foreclosure.
In "Protecting Your ARM-Financed Home Loan From Foreclosure," LoanPage.com columnist Joe Taylor discusses early warning signs and what to do about an increasing mortgage rate. Taylor recommends: "First, run some numbers. An online mortgage calculator can tell you whether a fixed rate mortgage or an ARM is the better option for you right now. ... Next, if your mortgage lender sends you a foreclosure notice, start communicating." LoanPage.com also offers a variety of mortgage calculators: http://www.loanpage.com/mortgage_calculator.asp.
While Yahoo! Real Estate and Harris Interactive report that 22 percent of homeowners are at least mildly concerned about mortgage foreclosure, the recent changes in the housing market aren't all bad. Seattle and San Francisco, for example, seem to be avoiding trouble and their home prices are predicted to keep rising. Homeowners interested in getting into these markets can also turn to LoanPage.com for help finding a lender or getting a mortgage quote (http://www.loanpage.com).
David Lereah of the National Association of Realtors® announced recently that the next six months might bring an upswing in the market, "We're fortunate to have a positive economic backdrop now with job growth and low mortgage interest rates to provide opportunities for buyers who've been on the sidelines or were unable to get into the market during the boom, especially with inventories favoring buyers." LoanPage.com, with mortgage calculators and a new quote tool, is a popular resource for homeowners -- both those avoiding foreclosure and those interested in taking advantage of the buyer's market.
LoanPage.com is a complete source of mortgage loan tools and resources, including calculators and a mortgage glossary. Visitors can find answers to the most common loan questions, download a loan application or find lenders in their area.
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