Mortgage default rates hit their lowest level last month compared to bank cards and auto loans. These are some of the lowest levels seen since May 2006. Mortgage default rates continue their downward trend from 1.30% in October 2013 to .92% in May 2014.
In addition, consumer credit default rates decreased for the seventh consecutive month. According to the S&P/Experian Consumer Credit Default Indices, consumer credit decreased to the lowest default rate since May 2006, falling from 1.01 from 1.11 in April and 1.42 in May 2013.
Miami maintains the highest default rate of 1.74% while Dallas maintains the lowest rate of 0.77%. Chicago, Dallas, Los Angeles, Miami and New York remain below default rates seen a year ago.
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.
Related Resources:
http://www.creditandcollectionnews.com/viewer.php?url=http%3A%2F%2Fwww.housingwire.com%2Farticles%2F30340-mortgage-default-rates-continue-to-trend-down