More homeowners struggle with mortgages they cant afford - MORTGAGE DELINQUENCIES RISING SHARPLY; EAST SIDE OF SAN JOSE IS A TROUBLE SPOT

“Sarah Portales wants to keep paying her mortgage on time, but shes got a problem. Her monthly payments are $3,500 and her income is slightly less than that. All the efforts this San Jose custodial supervisor has made to find a way to refinance her loan into something she can afford have so far led nowhere.

Portales is the face of a problem that is troubling the real estate market in San Jose and across the country: As the residential market flattens and lending standards grow tougher, thousands of subprime borrowers are confronting mortgages they cant afford, with few options to refinance into new loans. Mortgage delinquency and foreclosure rates have surged.”

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