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The foreclosure rate in Delaware dropped 18 percent in June after seeing a record-high increase in May, according to the foreclosure research firm Realty Trac.
But July is shaping up to be another bad month as the interest rates on more adjustable rate mortgages throughout Delaware increase, said Gerry Kelly, deputy state bank commissioner.
Locally in New Castle County, there are a few foreclosure hot spots, but most of the major problems are downstate, Kelly said.
He expects the foreclosure rate to remain high until next spring, when many adjustable rate mortgages will settle into a steady rate.
In the meantime, people facing foreclosure need to avoid scams where companies charge hundreds or thousands of dollars to give borrowers the same advice and assistance state housing counselors provide for free, Kelly said.
To avoid scams, Kelly advises people to read every form carefully and make sure they know exactly what they are paying for before signing.
The foreclosure rate in Delaware dropped 18 percent in June after seeing a record-high increase in May, according to the foreclosure research firm Realty Trac.
But July is shaping up to be another bad month as the interest rates on more adjustable rate mortgages throughout Delaware increase, said Gerry Kelly, deputy state bank commissioner.
Locally in New Castle County, there are a few foreclosure hot spots, but most of the major problems are downstate, Kelly said.
He expects the foreclosure rate to remain high until next spring, when many adjustable rate mortgages will settle into a steady rate.
In the meantime, people facing foreclosure need to avoid scams where companies charge hundreds or thousands of dollars to give borrowers the same advice and assistance state housing counselors provide for free, Kelly said.
To avoid scams, Kelly advises people to read every form carefully and make sure they know exactly what they are paying for before signing.
