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Posts tagged "practicalities"

Residential Mortgage Foreclosures: Procedures & Practicalities

In stark contrast to the recent drop in interest rates is the rise in Pennsylvania mortgage foreclosures, especially in Philadelphia. While attributable to Pennsylvania having one of the largest populations of homeowners, the amount of foreclosures is also likely related to the growing availability of non-conventional mortgage loans (i.e., 3-7 year Adjustable Rate, Interest Only, Reverse, and 103%) to consumers who ordinarily would not able to afford their current residence. Predicated on a belief that one's income will rise and rates will stay at record lows, these new loan products may give rise to foreclosure when that optimism clashes with unanticipated reality. 

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