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Foreclosure is nothing new to the state of Florida. Nationally, the state ranks as the top state for foreclosures, accounting for 14.4 percent.

Late mortgage payments, often a precursor to foreclosure, are on the rise nationally after months of improvement. According to a delinquency survey conducted by the Mortgage Bankers Association (MBA), the rate of mortgages that are at least one payment behind but not actually in foreclosure rose to 8.44 percent of all outstanding mortgages in the second quarter of this year. The rates had been improving over the past several quarters.

At the same time, new foreclosures were down from the first quarter of 2011, by 0.12 percent. Those already in the process were down as well, making up 4.43 percent of all loans.

According to MBA’s Chief Economist Jay Brinkmann, unemployment and other labor considerations are directly tied to mortgage payments delinquent by 30 days. It is often difficult for people who are unemployed or underemployed to come up with the money to pay the mortgage on time.

Both delinquent mortgage rates and foreclosure rates are looking better than they did a year ago. Throughout the country 12.54 percent of all outstanding mortgage loans are late or already in foreclosure. Though that number is up from the first quarter of this year, it is down from a year ago by 1.43 percent.

For those falling into the delinquent but not yet foreclosure group, a loan modification may be a good option. In this process, a mortgage is restructured allowing the owner to continue to make more affordable payments and remain in the house.


CNBC.com: “Number of Delinquent Mortgages on the Rise Again,” Aug. 22, 2011