Who do You Know that is Being Forclosed On?

The pace of defaults on privately insured mortgages soared almost 35%, reaching the highest level since the data was first collected in 2001, according to data from MCIC, PMI, AIG, Old Republic, and Triad. The association said 61,300 insured borrowers were at least 60 days late on payments in November. That's up 35% from a year earlier and up 3% from October. The number had not exceeded 60,000 since data was first collected in 2001. Policy-wise, due to tougher underwriting guidelines, the number of policies issued in November totaled 153,865, up 67% from a year earlier, the association said. For the first nine months of 2007, the number of policies issued rose 42%.

I've found this very sad, although I am one to take advantage of the foreclosures in the market as an investor I was looking at the newly reported notice of defaults in my area today and was not surprised but sad to see THREE associates of mine on the list. One of course was in the mortgage business and the others are also associates that I do business with. I would do what I could to help out if there was some equity in the properties.

I don't see an end to this madness any time soon!

www.JasonWheelersLoans.com & Real Estate Investing Education