Mortgage Delinquencies Continue
The Associated Press recently reported that one out of every ten mortgages had at least one delinquent payment this summer. The Associated Press quoted a report from the Mortgage Bankers Association which stated that 9.9% of borrowers fell into the category of second-quarter delinquencies as of June 30th, 2010. This is an obviously worrisome sign especially after delinquencies dropped slightly last year.
If you are a homeowner whether you are behind in your home mortgage payments or are concerned about upcoming problems making your mortgage payment a good place to start is the Making Home Affordable website. You might be able to get your bank to work with you to modify or refinance your mortgage or accept a short sale.
Although the number of homes in the foreclosure process fell slightly, other reports show that there were weaker than expected home sales this July and sales of new homes are at their lowest point since the government began keeping records in 1963.
