Trouble With Making Mortgage Payments?

According to data released by the Mortgage BankersAssociation, approximately one in seven American households with mortgages is behind on payments or in foreclosure. Sadly, only ten years ago it was one in ten.

The report stated that 14.4% of first-lien mortgages on one-to-four-family homes in the third quarter were 30 days or more overdue or in the foreclosure process. That is the highest rate since 1972, and has potential for 7.5 million people to be at risk of losing homes.

Loan defaults have been rising for more than three years. A major part of the blame falls on faulty lending practices during the housing boom that had millions of people buying homes they simply could not afford. Along with rising unemployment, which hit 10.2% in October, has made matters worse.

It is possible that the problem of delinquent homes could decline by mid-2010 with the hope of declining unemployment. Although, the number of loans in foreclosure could remain elevated as banks are taking longer to approve borrowers who could stay in their homes with lower payments.

During October, about 6.5 million U.S. households with mortgages — were 30 days or more overdue, or already in the foreclosure process, according to LPS Applied Analytics.

If you are someone you may know is struggling to pay their mortgage, please contact Eddie Perez, Broker-REALTOR, CDPE. As a CDPE, I can help you through any housing related crisis. Eddie’s market includes Hoboken, Jersey City, Weehawken and Union City.  He can be reached at eddie@InvestHoboken.com or 201-344-2886.

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