(PRWEB) June 07, 2007
Hollywood, FL (PRWEB) June 7, 2007 -- 55% of foreclosures filed in Chicago were on loans less than two years old. 97% of defaults in Chicago in 2006 were on adjustable rate mortgages, according to the NTIC, which performed a detailed review of foreclosure data in Chicago and the suburbs.
"There's nothing wrong with saying no to someone," says Michael Mangin, executive Vice-President, Consumer Lending, Marquette Bank, a $1.6-billion-asset lender on Chicago's Southwest Side with a $383-million mortgage portfolio A, and zero foreclosures so far. "Too many people were put into housing they really couldn't afford."
In the fourth quarter of 2006, 44 states saw an increase in the foreclosure rate, according to the Mortgage Bankers Association headquartered in Washington, D.C.
Vince Defauwes, of Madnox Corp. , has started a rough diamond trade desk, http://www.madnox.com, to answer all the questions both home owners and real estate investors have about foreclosures. "Home owners facing foreclosure have more options available to them than they know", says Defauwes. "From refinancing to selling your home for cash, most home owners who are unable to meet their mortgage payments can take actions to reduce the negative effects of defaults and foreclosures if they act in the early stages. Unfortunately, that is when most are in denial."
RealtyTrac recently released first-quarter data from its 2007 U.S. Foreclosure Market Report, showing more than 430,000 foreclosure filings, bank repossessions, defaults, and auction sale notices, reported nationwide for the first quarter of the year, up 27% over the previous quarter and up 35 percent over the first quarter of 2006.
Home owners who go into foreclosure run the risk of ruining their credit rating. This compounds their problems as the interest rates of other non-housing loans can skyrocket as their credit rating plummets.
Defauwes' advice? If you start falling behind in your mortgage payments, don't wait to get help. There are many competent professionals who can give you solid advice and recommendations.
About Madnox Corp.
Madnox is a private Holdings Company that specializes in trading rough diamonds
5700 Pembroke Road
Hollywood, FL 33023
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