According to the Mortgage Bankers Association., nearly 25% of all US mortgages - 10 million - carry adjustable interest rates, and most of them went to people with subpar credit ratings who accepted higher interest rates. These ARM Mortgage borrowers are often shocked when they started to see their mortgage payment balloons at the first rate adjustment.

Now, the real estate market is cooling, interest rates are rising and tens of thousands more Americans are starting to have trouble paying their mortgages.

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