Iowa Experiencing Rising Defaults and Foreclosures
21 May 2008In a reflection of the rising foreclosure rate in Iowa, the Consumer Credit Counseling Service of Northeastern Iowa is now saying that they have also received a heavy increase in the volume of calls they receive from homeowners in distress. Over the first quarter of 2008, calls to the CCSC have increased by over 20%, as foreclosures in Iow have risen slightly during the same time period.
More homeowners in default and at risk of foreclosure could lead to more foreclosures as the year goes on. This has been the trend in the rest of the country, as with property values so low, homeowners are finding it harder and harder to avoid foreclosure by doing things such as refinancing their mortgage or selling their home off before a foreclosure sale can occur. Unable to get what they originally paid for the mortgage on their home, foreclosure becomes the only option.
As a result, the CCSC is stepping up its efforts to reach citizens, encouraging them to call at the first sign of a default. More than 80% of homeowners don’t take action, the CCSC reports, and by the time they do it is often too late.
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