Summary
Americans are facing higher living costs, leading some to fall behind on mortgage payments. There's been a recent increase in severely delinquent and foreclosure-rate loans, particularly among Federal Housing Authority loans. Experts suggest contacting your mortgage servicer early if you're having trouble with payments to explore available solutions.
Key Facts
- Mortgage delinquencies increased in February.
- Severely delinquent loans and foreclosures have risen recently.
- Federal Housing Authority loans make up over 80% of this increase.
- Some experts do not see current delinquency rates as alarming.
- Contacting your mortgage servicer early can provide more options to manage payment difficulties.
- After 90 days of missed payments, loans are considered seriously delinquent.
- Experts recommend preparing financial documents before contacting the servicer.
