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Mortgage Foreclosure Warning

The chairman of the Federal Deposit Insurance Corporation warned of an upcoming boom in mortgage foreclosures as interest rates rise, which could spell credit losses for mortgage lenders. Record highs in housing prices have pushed many homebuyers into nontraditional mortgage loans such as option mortgages and interest-only loans. While mortgage interest rates continue to climb, homeowners with these risking types of mortgage loans will see their monthly payments skyrocket. Mortgage foreclosure rates are very low at the moment; however, mortgage lenders are bracing for higher losses. Many lenders are even gearing up their workforces in preparation for the workload.

The housing market in the United States has grown rapidly for the past five years, with home sales and new building setting new records every year. In some parts of the country, home appreciation has risen double digit percentages on an yearly basis.

The government has stated the growth in many cities is unprecedented. Many markets have never experienced a boom like this; the government estimates 40% of cities in the United States have been affected by the housing boom.

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  • Alex R. James, III July 19, 2012, 5:01 pm

    To Whom it may concern:

    I need help ASAP, my name is Alex R. James, III. My home was sold at auction on July 02, 2012 in the courts of Richland County in Columbia, SC. I placed my home in my mothers name years ago and after her death during the probate procedure it was left out of the distribution of property. I’ve tried everything I know to include the hiring of three different attorneys over the past four years. The long and short of it all is I was unable to put the home in my name prior to the sale because the children of my deceased step farther would not sign off on the property. There was no dispute as to who the property belong to, the probate court would not resolve the issue prior to the sale. My mother passed away February 7, 2007, which was more than enough time to resolve this issue. I was approved for refinancing at 2% and was not able to take advantage of it because they would not sign. Now that the property has been sold I’m trying to purchase, rent, ect. So I can continue to live in my home. I received a letter today from Rogers Townsend (attorney) and Urban Trust Bank (loan holder) stating that I have ten days to vacate my home. If I had any intention of leaving my home that will not be enough time to accomplish the task. All I’m asking for is some assistance with this process, I’m willing to purchase the property, making the payments should not be a problem now that I’m gainfully employed be (CSC) Computer Service Corporation. I don’t mean to appear that I’m not a law abiding citizen, but I have no intentions of leaving my home without a fight. I’m willing to do what ever it takes to retain my American dream. Any assistance you can provide will be greatly appreciated, I need help ASAP to avoid jeopardizing my freedom.

    Thanks in advance for your assistance, Alex

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