Posts Tagged ‘mortgage foreclosures’

Rough Waters For Home Mortgages – Defaults On the Increase

The predicted recovery in the housing market is in dangerous territory.

According to an article in CNN a new wave of people are falling behind on their mortgages for the first time. Just when many people are resolving their mortgage issues, a whole new crop of potential defaults is raising its ugly head.

Will your mortgage be one of them?

The Home Affordable Modification Program (HAMP), President Obama’s landmarkrescue plan has documented only 36,695 homeowners in trouble receiving mortgage modifications during July. The trial phase has recorded a total of only 434,717 mortgagees.

New reports indicate that 3.51% of borrowers were 30 days late in their loan payments in the second quarter, up from 3.31% at the end of last year, according to new data from the Mortgage Bankers Association. This is a huge reversal from 2009 when short-term delinquencies were in steady decline.

Labor markets just have not seen the necessary recovery. New job losses continue to grow and people need a paycheck to make their mortgage payments.

When the labor market is “in the toilet” the mortgage situation cannot improve. To make matters worse new home construction 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 hammering down 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.

Underwater mortgages are common and homeowners should check out some of the resources available in this and other sites to protect their assets

Knowledge is power, ignorance is impotence….your choice!