Adjustable Rate Mortgage Relief

This article from USA Today tells some pretty scary stories of individuals and couples who are having difficulty keeping up with their bills as mortgage rates continue to increase. In fact, since June of 2004 rates have increased 15 times. The Mortgage Bankers Association says that nearly 25 percent of all mortgages are with adjustable rates. In the article, Christopher Cagan at First American Real Estate Solutions says that over the next five years that up to 1 million households who took out adjustable rate mortgages since 2004 could lose their home through foreclosure.

Fortunately, it's not all doom and gloom. The articles says, "The Homeownership Preservation Foundation offers free credit counseling and referrals, 24 hours a day, seven days a week (888-995-HOPE, or 888-995-4673). And NeighborWorks America, a national non-profit that supports homeownership and financial literacy, has member groups in every state."