A recent survey published in the Wall Street Journal reports that one in eight US households with mortgages was in foreclosure or behind on mortgage payments during the second quarter. While foreclosures against subprime loans have slowed, loans extended to borrowers with good credit have picked up in recent months as unemployment is affecting stronger borrowers.
Florida Leads the Nation in Foreclosures
Not surprisingly, Florida tops the list of homes in foreclosure with 11.96% of homes in foreclosure, a 1.40 percent jump over the first quarter. Nearly 23% of mortgages in Florida are reportedly past due, including 12% that are in some stage of foreclosure and 5% that were 90 days or more past due in June.
Foreclosures Spreading to All Loan Types
The foreclosure crisis began nearly two years ago when subprime borrowers were unable to refinance their existing mortgages, but the filings have spread to all areas of loans now as more stable borrowers are affected by economic pain and job loss. Prime loans acconted for 58% of the loans in foreclosure year to date 2008, up from 44% last year. Foreclosures on loans backed by the Fedeal Housing Administration rose to 3% from 2.2% last year.
If you are behind on your mortgage or in foreclosure, you need an attorney who can help you navigate through the foreclosure process. Contact my office with questions or visit my website at www.mattweidnerlaw.com.