Even with the availability of foreclosure prevention programs by both the government and charitable organizations, the percentage of mortgage loans with at least one late payment reached 9.64% in the third quarter. That’s roughly 4.5 million people who didn’t pay their mortgage.
This doesn’t include those homes already in foreclosure…that figure makes the percentage of delinquent mortgage loans jump to 14.41%.
Job loss is the major contributor and even though some refinancing might be able to help some families, the fact remains that those homeowners not collecting a paycheck cannot afford to pay their mortgage.
The states hit hardest with foreclosures are California, Florida, Nevada, and Arizona, mostly due to the fact these four states have the highest number of prime loans that went bad. How does your state rank with the number of foreclosed homes for sale?
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