More Homeowners Delinquent on Mortgage Payments

admin — Sun, 07 Dec 2008 03:25:19 +0000

The 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 2^nd 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

Stop Foreclosure Now! » foreclosure prevention

More Homeowners Delinquent on Mortgage Payments