Foreclosure-Answers.org

At Risk of Missing a Payment?

BankRate.com has a great article on what borrowers should do if they are at risk of missing a payment, with comments from five of the big lenders.  In general they recommend:

* letting know as soon as possible when facing financial difficulty

* gathering income and expense documentation that might be need to consider a potential workout

Here is information from the big-5 lenders:

* Chase

* Citi

* Countrywide

* WaMu

* Wells Fargo

BankRate.com's Weekly Interest Rate Round-Up

If you are in the market for a new loan or to refinance an existing loan, we highly recommend shopping around at BankRate.com.  Their weekly national survey of large banks conducted April 16, 2008 shows:

* Average 30-yr fixed rate rose 7 bp to 6.03%.

* Average jumbo 30-year fixed rate slipped 6 bp to 7.32%.

* Average 15-yr fixed rate rose 9 bp to 5.65%.

* 1-yr ARM jumped 14 bp to 6.45%, although the popular 5/1 ARM slid 10 bp to 5.85%.  The 5/1 ARM has now plunged 59 basis points in a month.

For more, see the write-up.

Total Bankruptcy Filings up 38% in 2007

The American Bankruptcy Institute reported total bankruptcy filings were up 38% in 2007.  This is a number that will probably get even worse in 2008.

Renter's Beware

NYT has an article discussing how even renters are at risk, when landlords default on their mortgage.  It may make sense to check to make sure the payments of the house you are renting are up to date and property taxes are current.  A lot of this information can be found free on the web.