There is an estimated $14 trillion of residential mortgage debt in the United States, and delinquencies and defaults are rising at a staggering rate. There are approximately 75 million homeowners in the U.S. There are more than 4 million homeowners at least one month behind on their mortgage payments, according to data from the Mortgage Bankers Association, and a record 500,000 homeowners had entered the foreclosure process in 2009. During 2010, in the U.S., approximately 1.9 million foreclosures filings have occurred and in July 2010, 325,000 new filings according to Realtytrac. This trend is expected to accelerate and increase significantly as approximately one out of every five homeowners in the U.S., with a mortgage, owe more on their loans than their homes are worth; and real estate values are continuing to decline. It is estimated that by 2011, 19 million homeowners will have mortgages greater than the value of their homes.
If you are not sure what to do about your home situation give me a call at 757-343-7783. I will sit down with you and go over your options and assist you in finding out what is best for you at this time in your life.