There is 75 billion dollars worth of foreclosure help in the new housing stimulus program. This targets about 4 million home mortgage borrowers or 1 in 5 people having trouble with making their mortgage payments.
Continue reading Home Loan / Foreclosure Help from the Government
Some bad news for you, it seems that delinquencies have risen again in the fourth quarter last year from the previous third quarter. At 4.6% this is the highest it has been since over 16 years ago, during the last major savings and loan problems.
In real estate delinquencies were over six percent in the fourth quarter up from 3 percent in the previous year.
What does this mean? People are falling behind on their housing loan payments! Their mortgages are in danger. While this statistic does not reflect the actual foreclosures or bankruptcies, this does indicate some of the things to come. Right? When people fall behind on their payments, that means their mortgages are in peril and what comes next? Foreclosures?
The downturn in home prices has left about 20% of U.S. homeowners owing more on a mortgage than their homes are worth, according to one new study, signaling additional challenges to the Obama administration’s efforts to stabilize the housing market.
Continue reading Downturn in home prices
