Columbia South Carolina facing 492% increase in foreclosures - By: Billy Alverado

Recently Columbia South Carolina topped a list of the highest increase in foreclosures. This list was comprised of the top 10 military cities in the country. A city is concerned a military city if it has at least one major bas and a large portion of the city is either active duty or reserves.

Along with featuring Columbia as the city with the highest increase in foreclosures were other major military cities such as

" Woodbridge, Virginia: 414
" Oceanside, California: 182
" Havelock, North Carolina: 133
" Barstow, California: 120

Nationally, the rate was 59 percent in the same period.

These statistics come as a result of military families having been a target of subprime lenders back in the Real Estate boom. The subprime lenders saw military families as viable candidates for their loans, due to their frequent moves, overseas stints, and low pay meant they were more likely to have weak credit.

These mortgages included an initial low variable or fixed interest rate that was subject to change over a period of time. As the Real Estate market changed these low interest rates rocketed and brought the monthly mortgage payments well beyond the reach of most military personnel.
Columbia, South Carolina is the home of two major military establishments:

1. Fort Jackson Army Base - This base trains over 50 of all mortgages that were modified in 2008 defaulted anyway. This is proof that the mortgage modifications that are being made are just not sufficient, and in many cases these victims of foreclosure are the very men and women who have fought for this country to keep its freedom.

What needs to occur is that these military personnel need to be directed to reputable foreclosure agencies that will provide "firepower" when facing the banks and loan agencies; they need to be made aware of their options.
If you are active duty military and you find yourself facing foreclosure then you need to learn what your options are and you need to find a reputable agency that will help you face the foreclosure enemy. You do have a right to win the battle against foreclosure.

About the Author

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