With the recession lessening and the economy on its way to recovery, Maryland residents can breathe a sigh of relief. Since the recession, many Marylanders have faced mortgage issues, and as a result have lost their homes to foreclosure. But in recent times, the situation seems to be improving, with foreclosure rates steadily declining all over the country.
According to recent reports, by the end of May, only about 2 percent of mortgaged homes in the country are in some stage of foreclosure proceeding, 37 percent less than foreclosure rates at the same time last year. The actual number of homes in the midst of foreclosure was 966,000 at the end of May, which is 50,000 less than the previous month and 500,000 less than the previous year.
However, delinquency rates among mortgage borrowers whose loans are overdue by at least a month but are not in foreclosure, remained more or less unchanged, while overall delinquency in mortgage payments dropped nearly 8 percent since last year. Further, 1 million loans are 90 days past their due date but not being foreclosed, also a declining statistic. The total number of homes in foreclosure or delinquency stood at nearly 4 million as of May, 32,000 less than the previous month and 763,000 less than the same time last year. Mortgage lenders began foreclosure proceedings on 86,300 properties so far this year, almost a 26 percent drop from May 2013.
It can be difficult for a homeowner to handle mortgage issues alone. Considering the amount of emotions and sentiments associated with a home, a Maryland resident should know the options available to stop foreclosure. These options include refinancing the mortgage, entering into a short sale, filing for Chapter 13 bankruptcy, and obtaining a deed in lieu of foreclosure. More information regarding these options is available from a Rockville Maryland foreclosure attorney.
Source: MortgageNewsDaily.com, “Foreclosure Inventory at Six-Year Low,” Jann Swanson, June 24, 2014