People who are struggling with overwhelming credit card debt, or have just experienced a sudden change in their lives, such as a job loss or diagnosis of a chronic condition, may find it hard to make their mortgage payments every month. House payments can be a major chunk of a person’s paycheck, and when money is tight, it may be difficult to come up with the funds to make that payment. As a result, many Americans fall into foreclosure or end up losing their homes because of their inability to pay.
The recent trend of foreclosures across the United States shows that more people are dealing with this type of situation. Mortgage Bankers Association put out a National Delinquency Survey and found that more people who pay mortgages on one to four-unit homes have delinquent mortgage payments in the third quarter of 2018. Experts attribute some of these late payments to the natural disasters that have affected many homeowners this year. The delinquency rate increased in states who were hit by tropical storms and hurricanes, as people were unable to make their mortgage payments on time or at all.
If you are having trouble making your mortgage payment and are already delinquent on past payments, you may be getting calls from the bank. You may be unsure of where to turn in order to resolve the situation. It may be beneficial to contact an attorney in Florida who has experience helping people avoid foreclosures. An attorney can look at your situation and explore all of your options before choosing the best route of action.
Source: World Property Journal, “Mortgage Delinquencies in U.S. Uptick in Q3,” WPJ Staff, Nov. 12, 2018.