There is over 400 billion dollars in new mortgage debt in America and a rise in mortgage delinquencies, according to the latest report from The New York Federal Consumer Credit Panel. The Panel using Equifax data released its latest report in 2019. The analysis reports on the amount household debt, mortgage balances, delinquency and foreclosures in America.
Currently, there is an increase in homeowners are carrying mortgage balances that are 90 days or more delinquent. Mortgage balances shown on consumer credit reports as of December 2018 showed 9.1 trillion dollars in debt. Home equity lines of credit, however, continue to decline. The amount of home equity loans has declined from 2009 by 10 billion dollars in the first quarter, while auto loans have quickly filled that debt gap by 9 billion dollars.
Houses are a symbol of security in America and the bedrock of stability. Regardless of job loss or illness, medical debt or financial insecurity, homeowners. Ultimately, many families suffer from crippling debt that quickly accrues interest, making it nearly impossible to catch up or renegotiate payments without legal help or severe interest rate hikes.
Our office, Perry Draper Law, helps families in need when debt exceeds $10,000. Not only do we help to get banks, lenders and creditors off the backs of hard working Americans, be we often are able to help protect against predatory lender or credit agencies trying to take advantage of those in a difficult position.
The NY Federal Consumer Credit analysis of Equifax data revealed that many homeowners in 2019 are continuing to suffer from debt. 15% of mortgages in early delinquency, or 30-60 days late on making payments, transitioned to 90+ days delinquent.
68,000 individuals had a new foreclosure notice added to their credit reports during Q4 of 2018, a rise in the number of foreclosures. Despite low unemployment rates, mortgage balances, mortgage delinquency, and foreclosure rates are all on the rise over the past six months, compared to previous periods.
The rise of mortgage debt and foreclosure rates speaks to the undeniable cycle of credit debt. It’s nearly impossible for a homeowner or family to get rid of debt and find themselves free of creditors without legal aid, which is why we offer a free consultation call for those who find themselves in this position.
Please, feel free to call our office for a free consultation, to review your mortgage debt and discuss your legal options to recover. We negotiate with lenders to reduce your debt and immediately put an end to the incessant of collection debt callers. Getting the legal help you need, and reducing the amount of debt you owe through negotiation is one of the best things that a homeowner can do.