Rising interest rates are posing new challenges for homeowners with mortgages who now need to make higher payments. At the same time, lenders are more cautious in giving out home loans because of an increase in foreclosures and lower credit scores. John Sefton, a partner in Foley’s Jacksonville office, was quoted in the article, “Borrowers More Cautious,” in the July 16 issue of the Jacksonville Business Journal. Sefton was quoted as saying that lenders have lowered loan-to-value ratios to conservative levels and tighter credit standards have led to a decline in home sales.
