Mortgage Delinquency Rates Fall Slightly for Chicago and Nationwide Homeowners
Some Chicago homeowners will have a lot more to give thanks for than the food on their Thanksgiving table, according to recent foreclosure statistics.
Delinquency rates on house payments recently fell to their lowest point nationwide since the beginning of last year. Experts are pointing to a couple of reasons. First the good news: between the economy improving and more people saving, the number of borrowers missing their first mortgage payment has dropped. Now, the not so good news: when it comes to homeowners that are seriously delinquent (i.e., have missed three or more payments in a row) banks are either modifying mortgages or kicking homeowners out of their homes - both of which show up in the data as fewer delinquencies.
On the one hand, some Americans are doing better this time of year. Consumer debt is down, and jobless claims are somewhat steady. But the truth is, many folks are still struggling to make the mortgage payment and other bills amid the rising costs of the holiday season.
If you've been cutting costs all year and it's helped you pay your mortgage, give yourself a pat on the back - you deserve it. But if financial obstacles are still coming between you and your house payments, don't give up. Even if you've missed multiple payments, you still have a chance to save your house. By filing for Chapter 13 bankruptcy, you not only start the process of lowering your debt, but you can also take advantage of the automatic stay, a legal action that protects your home from lenders.
You don't have to become a victim of today's economy. Find out if there's a bankruptcy plan right for you and your home when you try a free one-on-one debt analysis with a professional Chicago bankruptcy attorney. There's no better way to celebrate the end of the year and the dawning of a new one than by wiping your financial slate clean and starting fresh. Bankruptcy can help make it happen.