Monday, March 23, 2015
Alabama ranked 12th in nation for delinquent mortgages
HUNTSVILLE, Ala. (WAAY) A recent study by Corelogic, a global property information and analytic provider says Alabama is ranked 12th in the nation for delinquent mortgages.
The report goes on to say that nations overall foreclosure rate is down 33% percent. While that number is falling, there are still several states that have an overwhelming amount of foreclosures annually. The top five include Florida, Michigan, Texas, California and Georgia.
Experts say in some cases, people aren't prepared for home ownership and the maintenance that comes with owning a home. A few of the top causes for families falling into foreclosure are job loss, illness and divorce.
If something happens and you believe your home may go delinquent, experts say talking with your lender is the first step. Your lender will discuss what options you have as a homeowner. "They're afraid to tell the lender their financial situation. You really have to be honest with them. I've lost my job, my wife left me or whatever it is that has caused you to be in the situation," says Diane Korb with Home Mortgage of America in Madison.
Korb suggest weighing your options first since lenders will do everything they can to keep you in your home. Just because your situation doesn't pan out the way you might expect it too, it's never too late to start over. "If you do have a foreclosure, it's not the end of the world. There's a three year waiting period for FHA and a four year waiting period on conventional loans. So, you just need to re-establish your credit and you can purchase again," added Korb.
read more: http://www.waaytv.com/appnews/alabama-ranked-th-in-nation-for-delinquent-mortgages/article_b91540a2-d146-11e4-af0b-4f326c4bacfd.html