A new report shows that mortgage delinquencies have dropped in every state from one year ago, another sign that the housing market is recovering. Arizona and California showed the biggest declines, where homeowners who were at least 60 days behind in paying their mortgages decreased by more than 40%. The two states with the highest mortgage delinquency rates in the nation- Florida and Nevada- also had encouraging yearly drops of 26.8% and 28.7% according to TransUnion.
Experts attribute this turnaround to improving housing prices and low interest rates, which have helped homeowners across the country refinance or sell their way out of mortgage payments they were having difficulty affording. While the new TransUnion numbers are encouraging, many of these same states also still have the most homeowners who owe more on their home loans than the current market value of their property, known as underwater mortgages.
According to a report in June by CoreLogic, Nevada had the highest percentage of mortgages underwater (45%), followed by Florida (38%), Michigan (32%), Arizona (31%) and Georgia (30%).
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 website, www.miamibankruptcy.com.