The biggest reason for the recent increase nation wide is due to a raise in interest rates for people that were approved on 2 year fixed rate programs that now can't afford the increase in the rate and are not able to refinance.

In the state of Michigan there have been massive lay offs in the auto industry that has contributed to the economic stress for many home owners. Over the past several years lenders have approved marginal credit on purchases of new homes. This borrowers were put into 2/28 sub-prime loans and after the fixed rate period were not able to refinance due to continued or worsened credit issues or properties depreciating.

It is important when a new home buyer is put into a sub-prime loan that they have a plan to improve there credit before the 2 years is up so they can refinance into a conventional loan at a lower rate. This plan should involve the borrower and lender/Mortgage Broker/Loan Officer and have a follow up plan in place to have the best possible chance for success.

Lenders have now began to increase there requirements for borrowers to qualify for 100% financing sub prime loans. Many loans that were approved as recent as 3 months ago would today probably be denied.

If you are facing a foreclosure there are steps that can be taken to help you either sell the property or negotiate with the lender but you need to act quickly. Many programs offer Loss Mitigation Counseling, Loan Modification, Property Investor Referral and many more types of programs to help you save your home or sell your home.

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