Phoenix, AZ Mortgage Rates December 2, 2008
Mortgage Related News
According to the Wall Street Journal today, TransUnion forecasts the number of home loans 60 or more days past due to reach 7.17 percent at the end of 2009–nearly twice the anticipated delinquency rate of 4.67 percent for 2008 and the highest level since at least 1992. The credit bureau predicts that mortgage will finally start to go down in early 2010 when loans that were based on more stringent underwriting criteria take effect.
According to Ezra Becker with TransUnion’s financial services group: “There may be an ongoing flow of consumers who may now be able to pay their mortgage but may not be able to a year from now.”
If you are having trouble making your mortgage payment, you have options that are available to you and usually fall in one of these categories:
- Loan Modification
- FHA Short Refinance
- FHA Secure Program
- FHA Hope for Homeowners
Start with talking with your lender about getting a loan modification, then move down the list for your options. With the current foreclosure moratorium until early next year, many lenders are getting better about working with borrowers to modify their loan so they can afford their mortgage.