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Susie never anticipated that she might suffer the loss of her residence outside of New York. But increasing interest rates and the rise in monthly home loan payments have her facing the possibility of home foreclosure. She is one of many thousands of Americans who may be forced to change homes as the housing market has lost momentum. "I loved my house, and I was happy here, and my spouse loved it and this was my dream house and now we're behind on payments with it," she said, avoiding getting excited about her losing her home, as she stood in her family room. The cheerful Boston transplant, for privacy reasons, did not want to divulge her last name, lost her recently built, 3200 square-foot, four-bedroom two bathroom home to foreclosure. Because her initial teaser interest rate has skyrocketed, the monthly home loan payments on her adjustable-rate shot up over the past several years and made the house payments unaffordable. It will be auctioned to the highest bidder next month or become an REO for the mortgage company. "We were not able to keep up with the house payments," she explained. "The mortgage payments went from $1,650 a month almost to $2,700 a month, so unfortunately being my dream home, I just about to lose it." Not Rare Her situation is not exceptional. She is one of millions of Americans who took out Adjustable Rate Mortgages to get into a house during the most recent housing boom. As those teaser monthly interest rates began to get reset, mortgagors could see their monthly house payments adjust upward to levels beyond ability to pay. People will face the choice of making higher payments, selling their homes or, in the worst cases, foreclosure.
Article Source: http://www.realestateinvestmentarticles.net
Although, there is a company that is a member of the BBB that will help Stop Foreclosure and possibly reduce your payments, 877YouKeep.com or 877-YOU-KEEP. by:Donald Morris writer for Stop Foreclosure
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