More Homeowners Fall Behind on Mortgages

“More Homeowners Fall Behind on Mortgages” was the headline of a recent Wall Street Journal article.  This article states that 1 in 7 owners are now behind in their mortgage. What I found most interesting in this article is the observation that the reason people are getting behind has changed.

According to the article, 2 years ago it was 1 in 14 homeowners that were behind in their mortgages. The main reason was the fallout from the loose lending practices during the housing boom when people were simply getting bad loans that they couldn’t afford long term. Now, the main reason for being delinquent on house payments is unemployment and loss of income.

Michigan continues to have the highest unemployment rate in the nation according to this New York Times article.  It is no coincidence, then, that Michigan continues to have one of the highest foreclosure rates in the nation.

Of course, here in our office, we don’t need to read these articles and statistics to know they are true – we deal with this reality every day as we help families facing a Michigan Foreclosure. The number one reason people need our help is loss of income. However, we also help people who are behind on their mortgages for other reasons.

If you are behind on your mortgage because of loss of income or any other reason, give us a call and let us put our many years of expertise to work for you. You don’t have to become another statistic. Let us help you get back to better times – call us today.

Ann

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