House Payments Going Up, You Are Not Alone

The Los Angeles Business Journal recently reported a 51 percent increase in foreclosures from 2005 to 2006.

That kind of increase means that 971,000 American houses went into foreclosure last year. This year that number is expected to increase again.

Cashing in equity a few years ago to pay bills, go on vacation and make home improvements, many homeowners are now seeing their ARM (Adjustable Rate Mortgage) payments rise by at least 25 percent.

A family who just a year ago was paying $1500 per month for their mortgage, now has to shell out more than $1875 per month. Thousands upon thousands are beginning to feel the pinch.

If you are one of those who is starting to suffer from increased mortgage payments with no extra income, know that you do have options.

Review your budget for areas where you can skim. It adds up quick. If you don't have a monthly budget and tracking system, start one.

Turn a hobby into a part-time income source. If all else fails, consider selling the house. There is no sense ruining your credit over a house.

For more information on how to find a real estate investor who may be interested in buying your house quickly, often for cash, click here.