According to a report from RealtyTrac, more Americans are facing forclosure because of the mortgage crisis.  According to the latest U.S. Foreclosure Market Report there is 1 forclosure for every 196 households during the 3rd quarter of 2007. That was a 30% increase from the previous quarter.

Fortunately, not all mortgage resets will end in foreclosure. Some homeowners will still be able to afford their homes with new payments. Others will qualify for refinancing with fixed-rate mortgages. Unfortunately, for those stretched beyond their means, forclosure is a great possibility.  Another group of homeowners facing resets fall somewhere in the middle. It will be up to the lenders to identify which homeowners those are. With some assistance, they will be able to stay in their homes.

If you are struggling or you know of someone who is struggling to make their mortgage payments, we hope this information gives you a better understanding and you can estimate which group you fall into and act accordingly.

The other side of the coin is that if you're a buyer looking for a good deal, and you are thinking of buying a foreclosure, contact a realtor and they can help you identify which homes are available.