Worcester's Housing Dilemma

From WIM

Things are going to continue to get very bad! And that, you can take to the bank.

What am I writing about you may ask? I'm writing about the housing dilemma that is going to get worse in the coming year.

With the number of housing foreclosures already at all all time high, a reported 3,233, which is an increase of 640, forecasters are stating that we're going to see another dramatic
increase of foreclosures in the first quarter of 2009.

What does this mean for those people that may have an adjustable rate mortgage (ARM)? It means that as the new year rolls in, their adjustable rate mortgage is going to start to adjust upward and
that means it will cost more money to remain in their home.

From WIM

If you or someone you know has an adjustable rate mortgage, there are some things you can do. The first thing you can do is contact the mortgage holder to inquire about changing your mortgage to a fixed-rate. With the current state of the economy, you can with a credit rating score (FICO) of 720 or better, you may be able to qualify for a mortgage rate of 5.675%.

Some other things you can do is talk to your current bank about financing and if they offer an special programs for current customers.

The key is being proactive and communicating with your mortgage holder. The sooner the better!