Home Mortgage Defaults On The Rise
The current home ownership state of affairs is in jeopardy.
Recently reported on CNN a new group of lenders are now falling behind on their loans. Many people have just started to get their head above water when this apparent new crop of defaulters has begun to emerge.
Is your home loan payment in hot water?
The foreclosure support and rescue program introduced by President Obama is also in trouble. The program, known as HAMP, The Home Affordable Modification Program, has had about 36,000 defaulters make it through the first stages of the relief. As few as 430,000 have successfully passed this step in total.
It has been reported that 3.51% of mortgaged home owners were 30 days late during the second quarter. This is up 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 ST mortgage defaults were reducing.
We have not seen the required recovery in the jobs market. People must have a job to meet their monthly commitments.
When the labor market is “in the toilet” the home lending situation cannot improve. To make matters worse housing starts are also down from last 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.
Best defense to avoid losing your home is a good offense, studying all there is to know about foreclosures and how to protect yourself.
Mortgages which are “under water” require research so that you will know your rights and what you can do to protect yourself.
Learn what resources are available and where you can find them. Don’t let “them” win!
