More Homeowners Delinquent on Mortgage Payments
Posted December 6th, 2008 by adminThe FDIC and many mortgage lenders are focusing their attention on foreclosure prevention remedies through loan modifications, short sales and forbearance. For prime loans at fixed rates, 0.34 % entered foreclosure proceedings in the quarter. For bad credit mortgage loans with adjustable rates, often cited as the catalyst to the financial crisis, 6.47 % of the loans entered foreclosure proceedings. Nevada, Florida, Arizona, California, Michigan, Rhode Island, Illinois, Indiana and Ohio had more foreclosure starts than the national average, the report said. “While 20 states showed declines in the rate of foreclosure starts between the 2nd and 3rd quarters, every state showed an increase in the ninety days or more delinquent category with the exception of Alaska and all of the increases were greater than what we would expect due to normal seasonal factors,” MBA Chief Economist Jay Brinkman said. Read the complete article > Almost 7% of Homeowners Face Foreclosure with Delinquent Home Loans
Tags: foreclosure prevention, loan modification
Leave a Reply