An article published in KOMO News, reported that the percentage of homeowners who have missed at least one mortgage payment has increased yet again. This is the second straight quarter in which this percentage has risen, as stated by the Mortgage Bankers Association.
Officials at the trade group believe the sluggish economy may be to blame, as more and more people become increasingly distressed over financial obligations.
In a news release, the Mortgage Bankers Association’s chief economist, Jay Brinkmann, said, “It is clear that the downward trend we saw through most of 2010 has stopped.”
As of June 30, the second-quarter delinquency rate of homeowners missing at least one payment increased to 8.44 percent of all U.S. mortgages on one- to four-unit residential properties. That is up from 8.32 percent on March 31, 2011 and 8.25 percent on Dec 31, 2010.
Even though the delinquency rate has increased, long-term delinquencies – those with three or more missed payments – are declining. Additionally, the percentage of homes on which foreclosure proceedings began during the quarter was 0.96 percent, which is slightly down from the first quarter of this year.
To get back to your question, the answer is yes. There are many Americans out there that are struggling to make their mortgage payments. Banks and other lenders are beginning to respond to this by starting to make it somewhat easier to refinance or set up payment plans, but as I have reported in a previous posting, some homeowners will not be able to qualify for loan re-modifications. Instead, these homeowners will have to try and figure out other means to come up with their payment.
If you are having trouble with paying your mortgage, consider bankruptcy. Nothing is worse than losing your home to a foreclosure.
Many experts believe that we may be headed for another recession. Don’t enter a second recession with piles of debts. I can counsel you on your debts. I am sure that I can be of assistance to you, a family member or a friend as we all know someone experiencing trouble these days even if we are not experiencing our own financial troubles. Please do not hesitate to make contact with me. I emphasize courteous and discrete consultations packed with plenty of information. The life impact of meeting with me in person will be unforgettable. You will enjoy a new peace of mind and a fresh hope for the future with a new roadmap for financial success that we develop together. You can email my scheduler through our website for your free 30 minute consultation at www.washingtonbankruptcy.com or e-mail directly at [email protected] To schedule immediately, we can be reached at 253-383-1001 M-Th 9am-5:45pm and Friday 9am – 12pm.