Home Foreclosures in the News: Nationwide, 12% of Mortgage Holders Late

As alluded to in the last post here on home foreclosures, everyone is having a hard time paying their mortgage. It’s not just subprime mortgage holders or real estate investors. Prime mortgage holders — eg, those with good credit and low-interest-rate, fixed, 30-year mortgages are falling behind too.

In fact, prime mortgage holders made up 19% of foreclosed mortgages in the first quarter of this year.

More and more homeowners are falling behind on their mortgage payments.

According to the article More prime, fixed-rate mortgages heading into foreclosure in the San Jose Mercury News:

. . . 12 percent of mortgages nationally were in trouble in the first quarter, either in foreclosure or past due by at least one payment. That is the highest level ever recorded.

Why are so many falling behind? Blame the lagging economy. Even though consumer confidence and the stock market are ticking upward, the reality is, many homeowners are still struggling.

P.S.: Learn how to easily modify your home mortgage and put the stress of possible foreclosure behind you.

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