I worked for a mortgage for a little while and with all the foreclosures increasing around the country I feel some people might need some help.  There is a great web site called creditloan.com that has a lot of information on it. Use their learning center to find great articles. Anything from Auto Loans to Tax loans.

California, Ohio, Florida and Michigan ended up having the most cities with the highest foreclosure rate in 2007. Many people 1 to 2 years ago were sold by their mortgage broker or loan officer a fixed adjustable mortgage. A lot of people liked the loan because they “qualified” for a “loan rate fixed mortgage.” Many of them did not really know that the fixed rate was only good for 2 years, then jumps up to a higher adjustable rate sometimes as high as 17%! This could almost double your monthly mortgage payments and the rate could change monthly. What makes it worse is that the economy is not in a good condition, so refiancing for many people into a true fixed rate is too late because of low credit scores.

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