The senate will take one month vacation soon while most constituents are already wondering how much longer the new legislation will take to pass which helps those badly in need of a mortgage refinance assisted by the government. With an increasing inability to cope with rising interest rates on adjustable rate mortgages we are seeing mortgage refinance default rates of almost 2000 per day. It is said that it will be another year before the large numbers of home defaults decrease. This massive amount of foreclosures is seeing some mortgage refinance candidates selling their homes at far less than what they originally estimated that their homes would be worth at the current time. It is difficult to say who is at fault when so many borrowers are defaulting instead of choosing a mortgage refinance. They can't all be defaulting out of a lack of effort and it is obvious that predatory lending existed and played some role in the present situation. A mortgage refinance becomes increasingly difficult as home prices fluctuate wildly. Qualified borrowers will also find it increasingly difficult to secure a loan in such times. The difficulty in mortgage refinance at this point is driving some borrowers too deep into debt to consider any financial tools other than to default.
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