Mortgage delinquencies are dropping throughout the United States. According to the Mortgage Bankers Association report, the percentage of mortgages that are 90 days or more, behind in payments has fallen to below 6 percent, the lowest it’s been since the beginning of the 2008 recession.
The correlation between a lowered number of mortgage delinquencies and lower unemployment rates are evident, since the employment rate in the U.S. is at the highest it’s been since 2008. Higher employment rates mean that more people are able to make their mortgage payments on time or catch up on defaulted loans. Additionally, the strengthened real estate economy is bringing home values high enough that people are also able to sell their homes if they are unable to afford them.
Despite dwindling numbers of foreclosures throughout the US, Florida remains at the top of the list with 12.6 percent of home loans seriously delinquent. In Florida the court must approve home seizures which extends the Florida foreclosure process.
The good news is that homebuyers have options that don’t end in foreclosure. For more information on what options are available to you, contact us, at Graham Legal, to set up a free consultation with one of our attorneys.