Fewer Americans were late with their mortgage in the first quarter, with the ratio of borrowers 60 days or more past due at 6.77 percent. That’s down from 6.89 percent in the fourth quarter, according to the latest data from TransUnion.
“The fall in mortgage delinquency is indeed good news for the consumer, the mortgage industry, and the current economic recovery,” said FJ Guarrera, vice president in TransUnion’s financial services business unit, in a news release.
The statistic traditionally is seen as a precursor to foreclosure.
Read more: Florida No. 2 for delinquent mortgages – Orlando Business Journal:
I have been working for almost two years with Chase the agent handling my loan on behalf of Wells Fargo. For twenty months I have been paying a forbarence payment of 3200.00 per month only to find out after 20 months that I do not qualify for a loan modification. AFter 54 thousand dollars later paying a payment that is only 500 dollars a month less than my orginal mortgage. Without allowing emotions to take place; anyone can see that this is the newest form of legal fraud that the banks are allowed to practice. The reason my situation is so unique is because the value of my home is still worth more than I owe by 10,000.00 dollars. Not much but the main reason both banks do not want to help is because I put down a large down payment and have been paying 57 thousand dollars per year for the first six years before I was feeling the economic pinch we all currently are experiencing. The banks found that it is in their best interest to help the people who signed high risk loans with option arms rather and have major inequity in their homes rather than myself. An individual who has already paid off the amount the bank loaned minus the 22 years of interest that is to paid back. So if they sell my house for 50 dollars they can still make a profit. This sick practice is how this institutions regulated by our new government is just the begining; banks will continue to find ways to line there shareholders pockets with money whether times are good or bad and with no emotional concern how they are single handedly responsible for the destruction of American pride in country and self. I am not against capatalism; but this is the 21 century version of an ologopaly. Meaning only a handful of banks are still existing and controling banking regulations in their favor.
Always protect yourself and remember not to give humanity the benifit of the doubt.