Home Mortgage Defaults On The Rise
The current home ownership state of affairs is in jeopardy.
Recently reported on CNN a new wave of lenders are now falling in arrears on their mortgages. Many people have just started to get their head above water when this apparent delinquencies has begun to emerge.
Will your mortgage be one of them?
President Obama’s landmark foreclosure support and rescue program is apparently, also in troubled waters. The Home Affordable Modification Program, known as HAMP has seen only 36,695 troubled homeowners received long-term mortgage modifications in July. Only 434,717 borrowers have successfully made it through the trial phase.
It has been reported that 3.51% of borrowers were 30 days late during the second quarter. This has increased from 3.31% at the completion of fiscal 2009. The report from the Mortgage Bankers Assoc. indicates that this is a substantial increase from 2009 when mortgage delinquencies were reducing.
The recovery in the job market has not been as expected. In fact there has been a recent new wave of unemployment. People are not able to make their mortgage payment without a paycheck.
When the economy is “in the toilet” the mortgage situation cannot recover. To make matters worse new home construction are also down from the previous year. These have dropped 7% from July ’09 and as well, permits were down 3.7% year to year.
A new tsunami of mortgage foreclosures is fast approaching on homeowners.
Protect your investment and your future through developing a thorough understanding of mortgage foreclosure, how it works and how to avoid it.
Underwater mortgages are common and homeowners should check out some of the resources available in this and other sites to protect their assets.
Learn what resources are available and where you can find them. Don’t let “them” win!
