Evidence consumer ignorance is also contributing to the growing number of foreclosures, more than one in three home owners couldn’t tell you what type of loan they have if their home ownership counted on it. And sometimes it does. A new Bankrate, Inc. poll “Mortgage Ignorance Rampant” found 34 percent of home owners do not know what type of mortgage they own. Other findings include: nNearly one in three, 28 percent of those surveyed, worry either regularly or sometimes about how they will afford their payments next year, a similar percentage, 34 percent of homeowners with ARMs, do not know what they will do when their loan readjusts. “Given that homeowners could be looking at an increase of several hundred dollars each month, this is a staggering statistic,” the report, written by personal finance and real estate author Elizabeth Razzi, said. Refi Bust: Mortgage Brokers Gone Wild!

click here for article

search for : ,