Record High Foreclosures In KY

Court-ordered foreclosures in Jefferson County are on track for a second straight record high this year.

A nationwide upheaval in the mortgage market is forcing people
throughout the region out of their homes.

Officials say high-risk loans get much of the blame for the
national increase as homeowners approved for loans despite shaky
credit struggle to pay their monthly bills.

The situation is the same throughout Kentucky. The Mortgage Bankers Association says Kentucky is tied for 11th in a national ranking based on the percentage of loans going into foreclosure during the April-June quarter.

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  • by Jerry Osborne Location: Science Hill, Ky on Sep 7, 2007 at 06:43 AM
    Yes, and those creditors making those high risk loans most likely had no or little cash down payment on the purchase price and therefore will now be exposed greatly after the sale of the property and thus cause interest rates go up for everyone.


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