“Foreclosure inventory jumped sharply in the fourth quarter even though the rate at which loans were entering foreclosure remained unchanged,” said Jay Brinkmann, MBA’s Chief Economist and Senior Vice President for Research and Economics.  “This is mainly attributable to various state and local moratoria on foreclosure sales, the Fannie Mae and Freddie Mac halt on foreclosure sales announced in late November, a general reluctance by servicers to proceed with evictions in the last few weeks of December and a slowing down caused by an overburdened legal process in some areas.”

See chart below with the ADJUSTABLE RATE MORTGAGES could jump and the percent by which borrowers’ payments could jump.  The trend is upward from this spring through 2011.

Many residents have adjustable rate mortgages that may be up for a change.  We are working closely with Washtenaw County to provide options to those that may be looking at missing payments or even foreclosure.  There are dedicated county resources to help Ann Arbor locals work through the issues they are facing. “Of course, not all homeowners can be helped, but the county is committed to helping all those they can, said, Kristin Judge, Washtenaw County Commissioner. Here are the resources through the County Treasurer’s office:

Mortgage Foreclosure or late payments
http://www.ewashtenaw.org/government/treasurer/MFP
Contact Amber Wells at 734-222-9595

Tax-Related Foreclosure
http://www.ewashtenaw.org/government/treasurer/tr_taxes.html
Call the Treasurer’s Office at 734-222-6600

For a private consultation,  call us 734-906-7671, or visit  www.AnnArborShortSale.com or  just stop by www.KathyToth.com.

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