One in 7 U.S. mortgages foreclosing or delinquent
NEW YORK (Reuters) - A record one in seven U.S. mortgages were in foreclosure or at least one payment past due in the third quarter, according to fresh data signaling the recovery in the housing market will be tepid at best.
U.S. mortgage delinquency rates and the percentage of loans that entered the foreclosure process also jumped to records from July to September, the Mortgage Bankers Association said on Thursday.
Rising job losses were behind the increasingly bleak portrait of the housing market in a trend that will continue into next year, the group said in data that adds to recent evidence of a still-struggling housing market.
The reason this is still happening is even though the Obama administration has told to banks to modify loans for people the banks are NOT doing it. You can jump through all the banks hoops and still be denied a loan modification or not ever hear anything final from the banks. The banks are ripping off the taxpayers.
Quoting Peanutx3:
The reason this is still happening is even though the Obama administration has told to banks to modify loans for people the banks are NOT doing it. You can jump through all the banks hoops and still be denied a loan modification or not ever hear anything final from the banks. The banks are ripping off the taxpayers.
Modifying doesn't matter if you have no income. A lot of the modified loans are being defaulted on now.
Quoting Terasasmom:
Oh my goodness I just love your avatar, your baby is so so cute!!! Adorable.
Anyways, that is so incredibly sad, but not that surprising in this economy
Thanks. I'm not sure why he decided sitting in a bowl would be fun but we had to take a pic. :)
*raises hand*
we would be one of those in 7
and when we got our mortgage ages ago it wasnt one of those fancy no interest or adjustable rate ones either. we have a low interest rate etc. sometimes shit happens in life and your income changes drastically. We didnt even over buy. Our house cost us $60,000
It is only getting worse with new layoffs being annouced by the likes of AOL...2300 is a huge chunk.
Quoting Moki75:
*raises hand*
we would be one of those in 7
and when we got our mortgage ages ago it wasnt one of those fancy no interest or adjustable rate ones either. we have a low interest rate etc. sometimes shit happens in life and your income changes drastically. We didnt even over buy. Our house cost us $60,000
Your group is the largest growing. A lot of people just don't have the income they had a year ago. Sorry to hear you're struggling.
My point is that the banks aren't modifying any loans! The banks have borrowed the money at a ZERO percent interest rate meaning it isn't costing them a dime! They need to modify or put payments on hold for those people out of work.
My DH and I are in the process of trying to jump through the banks hoops to modify our loan to get a fixed rate because we know now that DH had to take a cut in pay that we won't be able to afford any higher monthly payment. I have faxed our paystubs and updated our financial information with the bank 3 times now and still nothing and our bank was the first bank taken over by the federal government and we are still getting screwed.
It will continue to down spiral. It is really sad. The banks really could alleviate this problem with a stroke of their pen but god forbid they don't make a big profit. They could take everyone's loan and fix the rate and even lower the rates by one or two percent and they would still be making a ton of money but helping people out at the same time.
Quoting 07upsydaisy:My hubby said his company's forecasters are thinking next year will continue the trend downward. He works for a "peripheral company" in the construction industry.
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- smalltowngal
on Nov. 19, 2009 at 5:33 PM