Foreclosures in Rural USA

[lara]

The foreclosure problems in rural America may be even more widespread than in cities,

Why is this so and what can be done about this problem?

[omara]

One reason is that mobile and prefab homes make up at least 15% of the nation's rural housing, and three-quarters of them were financed with installment or personal property loans rather than mortgage loans, according to the HAC.

See http://www.usatoday.com/money/economy/h ... ures_N.htm

[clintonbaisley]

Foreclosures, which have roiled housing markets across the state and the nation, have had a smaller impact in Pennsylvania's rural communities, where subprime loans were rare and lenders and borrowers work hard to avoid defaults.In some cases, the government will reamortize the loan when the borrower's situation improves. The principal, interest, missed payments and other charges are all rolled into a new balance with a new monthly payment allowing the borrower to have a fresh start.