Mortgage & Finance
The whole theory of wealth accumulation as it has been practiced for the past few years relies on two constants: Home values must rise and monthly payments must remain affordable. Unfortunately, neither constant is assured.
National foreclosure filings continued to climb in the first three months of 2006, evidence that more U.S. homeowners are struggling to stay current on their monthly mortgage payments.
No one who buys a home intends to miss any mortgage payments. But unexpected life circumstances can quickly stymie the best of intentions, and homeowners can’t always prevent defaulting on their payments.
Rapid real estate appreciation and record-low interest rates in recent years have driven the national foreclosure rate below its historic averages, but many homeowners are more susceptible than ever to falling into foreclosure if there’s a slight dow