Foreclosure prevention programs created for various home loan situations have been implemented to lower homeowner delinquencies, and despite the fact that there are still troubled homeowners in various areas of the nation, we have recently seen a decline in delinquencies from a year ago. Obviously, homeowner delinquencies have been up and down over the past months, as it was recently reported that in January the national delinquency rate did increase slightly from December 2010, but when compared to a year ago, homeowners have been said to be in a better position.
According to Housingwire.com, “The national delinquency rate stood at 8.9% in January…but down 18.8% over the year ago period,” which suggests that more homeowners are in the position to avoid missed payments on their home and, many feel that this could be a result of either improving economic conditions or the foreclosure prevention programs that have been implemented over the past months. Home modifications, state-specific mortgage assistance plans and even refinancing opportunities on home loans have made mortgage payments more affordable for homeowners in various positions of home loan distress.
However, factors like unemployment still remain a problem for many homeowners as simply being unable to meet their mortgage payment has wreaked a great deal of havoc in the lives of numerous individuals. Obviously, the foreclosure prevention efforts that have been implemented through various state housing agencies, the federal government, and even directly from financial institutions can only do so much to help homeowners avoid missing payments on their home loan, but as more homeowners either exhaust their unemployment benefits or have depleted their savings, there are simply few options left to completely reduce homeowner delinquency problems in many areas.
Sadly, there are troubles that remain with foreclosures as some homeowners are able to avoid missing payments and have contributed to this lower rate of delinquency over the past year, but there are still numerous foreclosures being seen across the nation that are adding to a backlog of homes that are simply sitting empty in the housing market with not many buyers looking to purchase. Yet, homeowners who are having trouble meeting their mortgage payment or who may feel that a missed payment could be on the horizon in their personal financial situation can take action by either talking with their servicer or a counselor to assess their financial situation, make a household budget that could help them better meet their monthly mortgage payments, or simply guide them through the modification process if foreclosure prevention assistance is necessary.