[ex-Texan]

It is not the economy. It is another problem. With mortgages rates at 30 year low, and their revenue turning downward rapidly, lenders are finding 'creative' ways to seek foreclosure. Many of their methods are illegal. Some of the methods used are downright cruel.

To make matters worse, no one in state or federal government wants to deal with the problem.

Predatory lending problems not only involve snaky practices in granting loans -- they also encompass artful and not very clever schemes to defraud the public. The goal is to foreclose as many homes as possible.

Beware of lenders promising 'great loan terms' and amazing low interest rates. You will be sorry.

[Texas Eagle]

I don't see the problem. These people aren't paying their property taxes. The homes should be foreclosed on.

[Captain Shady]

My experience this year would lead me to believe the economy is not so great yet. I was downsized in January of this year.Had a rough time finding new work,although I did find work.

I've seen a few companies in SC go bankrupt and one once prominent textile company couldn't even cough up its county property tax payment.

[RLK]

It is not the economy.

----------------

It's the economy.

[SamAdams76]

I agree with you that it's not the economy. But predatory lending is just a part of it. The other part of it is that there are too many couples buying houses these days based on two incomes. Take a two-income family making $100,000 a year for example. Instead of settling for the affordable 3-bedroom ranch house that would allow them to still make payments if one of them were to lose their jobs, they go for the much more expensive 4-bedroom colonial. Then when he or she gets laid off, they are thrown into a serious financial crisis.

It is also not a good idea to purchase a house unless you have at least 20% down. And it is not a good idea to take out a second mortgage or an equity loan to pay off your credit cards and other debt, unless are are serious about not running up consumer debt ever again.

[Democrap]

Besides the rise in mortgage foreclosures, more Ingham County properties are in the foreclosure process. That's in part because of a new state law that lets the state foreclose more quickly on property owners not paying taxes, officials said.

Humm there's that word again it seems to be everywhere.

Democrap

[Koblenz]

Caveat Emptor, except it should be borrower beware instead of buyer beware, but I don't know the Latin word for borrower. In any event, when someone borrows money to buy a house, they have to make sure that they can afford to make the payments. This means having a "rainy day" fund available to make payments for at least six months should a job be lost. It also usually means putting a little more down to avoid PMI, which might mean settling for something a little less than optimal. It also might mean a car instead of an SUV. Finally, it means not carrying a balance on your visa card for 18% per year.

Well, that's my take on things. Sure, some people are probably unfairly disclosed on, but in a lot of cases, the borrowers bit off a bit more than they could chew.

[lonestar]

To keep more people in their homes, the county treasurer proposes raising the income level at which homeowners can become exempt from paying property taxes.

SAY WHAT?!!!

[org.whodat]

First off this is all wrong, do you know anywhere that a tax payment isn't paid monthly with your house payment, so the lender can pay them when due. The same goes for insurance. The days of Jimmie carter and 24% interest. Gave the highest rate of foreclosures in the last 30 years.

[SCHROLL]

What? Bad news and Willie Green didn't post it? The End is near!

[Centurion2000]

bump ... the big question though... will the housing bubble collapse with the interest rates so low ?