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Expected increase of home foreclosures in Montana
Montana Foreclosure & Real Estate News
Montana is expected to see an increase in the number of home foreclosures, but the rates still remain lower than the rest of the country.
One in five loans made in Montana in 2006 was a high-cost loan, a category that includes adjustable rate mortgages.
Many borrowers take advantage of low introductory interest rates to buy a home, then find themselves in trouble when the monthly payment increases as the interest rate goes up.
Sheila Rice of the Montana Homeownership Network and NeighborWorks in Great Falls says her organization typically counts around 800 foreclosures a year in Montana, but she anticipates 1,200 this year.
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