The Foreclosure Minute Blog
Colleen and Terry Peterson live in Davenport, Iowa, with their 15- and 17-year-old sons. They own a small business that provides inventory services for other small businesses. When business was good, they had no trouble making ends meet. However, beginning in 2005, as the economy declined, their business “crashed and burned” as other small businesses felt the economic crunch. They lost the majority of their business clients and ended up taking a loan out against the value of their house to keep things going. With the refinance, their interest rate rose from 6.25% to 10.35%.