I read today that the delinquency rate on home mortgages is at a record high, despite the fact that the United States is suppose to be headed out of the “Great Recession”.
A report released by the Mortgage Bankers Association shows that the housing market has a few more bumps to get past before it sees a meaningful recovery.
The report says that fixed-rate home loans made to people with good credit account for 33 percent of the 4 million homeowners who are in foreclosure or at least 3 months behind on payments as of September. At the same time last year, they made up just 21 percent of the number of homes sinking toward foreclosure.
With many companies still not hiring and unemployment at around 10 percent, there may be more families struggling to keep up with the payments on their homes.
Facing financial hardship isn’t fun. A sudden illness may have hit your finances hard, or the recession may have cost you your job. The first thing you have to do is prioritize your spending. Keeping a roof over your head has to be a priority.
Consulting a bankruptcy attorney can help you map out a plan to get out of debt and hopefully keep your home.
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