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Late payments on mortgages increase, indicating some may be in line for consumer credit counseling
By Sam Craine on May 24th, 2010
Being late on a mortgage payment may be one effect of not having finances in order or facing difficulties tied to the recession, and a recent report showed more home loans faced delinquencies.
According to a quarterly report from the Mortgage Bankers Association, 10.06 percent of all mortgages for residential units with one to four units were delinquent on a seasonally adjusted basis, which is an increase of 0.59 percentage points over the fourth quarter of 2009.
Furthermore, 4.63 percent of all mortgage loans examined in the report were in the foreclosure process during the first quarter, an increase of 0.05 percentage points when compared to the prior quarter.
"If mortgage delinquencies are not yet clearly improving, it also appears they are not getting worse," MBA chief economist Jay Brinkman said. "However, a bad situation that is not getting worse is still bad."
Consumers facing problems with mortgages may consider different options for getting current. For example, consumer credit counseling may help by setting up a monthly budget based on a client's income. Doing so can help reduce unneeded expenses and ensure people live within their means.
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