Reflecting on the statistics that were previously presented....So what if you are one of the 37%?
Based on the recent data indicating that 37% of delinquent owners have not made a payment in 2 years and 34% of delinquent owners have not made a payment in the past 1 year or more, the substantial increase from 6% in 2009 provides some brief indication of how massive this mortgage payment delinquency issue really is.
Not to mention that it is extremely troubling.
So, if you are one of the 37%, then you should prepare to be living elsewhere sometime soon because the national average for foreclosure in judicial states is approximately 1.5 years.
Additionally, if you are in this situation, you should seriously consider, if you haven't already, hiring a great Realtor who specializes in Short Sales to help you avoid a foreclosure. Even a short sale is better than a foreclosure in the long run, but your credit is already banged up, so why not?!
And, by taking action to end your mortgage payment delinquency, you are taking one step towards contributing to a future housing recovery.
In summary, if you are one of the 37%, pitch in and give the housing recovery a hand by ending your holdout.
Michael Hobbs, PahRoo Appraisal & Consultancy
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