Delinquency Rate Rises Despite Aid to Homeowners
More Americans homeowners are still facing foreclosure threats despite government aid and mortgage lenders’ record-low interest rates. According to a group of mortgage lenders Hope Now Alliance, there are a growing number of delinquent homeowners or those people who are at least two months delayed in payments.
More Americans homeowners are still facing foreclosure threats despite government aid and mortgage lenders’ record-low interest rates.
According to mortgage lenders operators, delinquency rates will continue to rise despite government efforts as weak labor markets and volatile economy still haunt American community, adding the stimulus package of President Barack Obama will only have a viable impact after few more months.
In an interview with Hope Now Alliance executive director Faith Schwartz, mortgage companies have drastically modified its operation this year to help people who are facing foreclosure to pay their debts.
According to a government report, many homeowners are at least two months delayed in payments especially those people who have prime loans. With this result, report said this is the highest for decades.
The report also said that homeowners who received modified loans, which include extending the period of payment or lowered interest rates, are the ones who mostly fail in their monthly payments. Thirty-five percent of homeowners are three months delayed in their payments while 57 percent is delayed for a month.
Meanwhile, an expert said the increase of delinquency rate is a sign that there could be a fraud or the loan modifications were not accurately reviewed.
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