Vance P. Truman, Attorney at Law
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Mortgage loan delinquency and foreclosure rates reach 20-year low

The property business intelligence company CoreLogic published data earlier this month that shows that the number of homeowners that are delinquent in paying their mortgages and are in peril of losing their homes to foreclosure is currently the lowest that it's been in nearly 20 years. The number of homeowners that were struggling to pay their mortgages was holding strong at just below 4% by the end of the third quarter of 2019. Less than .5% of those individuals were facing foreclosure.

When asked why it is that he believed that the home loan delinquency and foreclosure rates have declined, the head of CoreLogic pointed to the United States' strong labor market. He highlighted how the number of unemployed individuals in this country as of September 2019 was the lowest it's been in 50 years.

CoreLogic's chief executive officer (CEO) also highlighted how underwriters have become increasingly selective in extending loans. This degree of discipline has resulted in lenders doing more business with consumers that have the means to pay. CoreLogic's CEO points out that he has no reason to believe that the 21-month downward trend in mortgage delinquencies will come to an end anytime soon.

In can be scary when you've fallen behind on your mortgage payments, and creditors have started to call you threatening to take away your Ohio home. If you've been unable to pay because you've fallen ill, lost your job or due to some other hardship, then you may have options. An attorney may be able to help negotiate a new payment plan whereby you can defer payments on your Medina home for some time while you get back on your feet once again.

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