Although the Obama administration and the lending institutes have been making efforts to slow down foreclosures the rate has actually increased the first three months of this year. A total of 803,489 properties are currently facing foreclosure, this is a 24 of the total foreclosures nationwide for the first quarter of 2009. Foreclosure filings were reported on 49,119 Arizona properties in the first quarter of 2009, the third highest total among the states. The major reasons for this high rate are the following: 1.The high rate of unemployment indicates that many home owners who are facing foreclosure are doing so as a result of being unemployed. 2.The decreasing value of real estate makes it harder for many home owners to list their home for sale at or above the amount they owe on the mortgage. 3.The fact that the banks are making it harder and harder to get approved for a mortgage has made the sale of homes even more difficult. 4.Many of these loans originally had a low variable interest rate, and as the economy has weekend the rate has shot up. As a result many homeowners are seeing an increase in their monthly payments by more than $500. While the number of foreclosures is increasing and shows no sign of slowing down there are methods to avoid being a victim. The most common option is to file for a mortgage modification. ADVANTAGES: A successful Loan Modification will supply you with the following: 1. an interest rate reduction up to 6 off your current mortgage payment in as little as 60 days without refinancing? For your FREE CD, FREE e-book, and FREE coaching call with Mortgage Modification Expert and Business Man of the Year Billy Alvaro visit website Saint Jude's Mortgage Rescue
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