The hot housing boom and low interest rates went hand in hand over the past few years. As prices continued to climb, many borrowers were seduced into ARM (Adjustable Rate Mortgage) loans, because of their lower initial payments.
Now many of those loans are beginning to come due, and homeowners are beginning to worry about their new, increased payments.
For a real life version of this very common event, read about this homeowner in North Carolina, who fears the rising payments could potentially lead to foreclosure.
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