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Record high mortgage distress
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The Mortgage Bankers Association today released disheartening news about homeowners across the country: One in ten is in some kind of financial distress, the highest percentage recorded.
According to The Washington Post article on the Mortgage Bankers survey, 3% of homeowners were in foreclosure proceedings during the third quarter of 2008; another 7% are 30 days late or more on their mortgage payments. Combined, this means 1 in 10 are in trouble.
While the government and lenders are stepping up efforts to help borrowers, these efforts are slow in coming to many homeowners. The soaring jobless rate makes the situation even more difficult for many homeowners.
For more information on homeowner assistance programs, see this previous article:
For more info: Email Michele Lerner at MLerner@gmail.com
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