Go to navigation Go to content
Toll-Free: (855) 743-0262
Phone: (201) 529-8024
Fazzio Law Offices

Foreclosure News: Record Prepayment Rate, Delinquency Up


Blog Category:
8/25/2020
Comments (0)

As interest rates tumbled throughout July, prepayments climbed to the highest monthly rate since 2004. July's prepayment activity reached 2.73%, up from 2.65% in June and nearly double the 1.43% rate of the year before.

On the other side of the spectrum, data on outstanding mortgages provided both good and bad news.

The delinquency rate, which does not include loans in foreclosure, fell to 6.91% from June's 7.59% yet remains nearly twice as high as July 2019's 3.46%.

Seriously delinquent borrowers, those late on their payments for 90 days or more but not yet in foreclosure, continued a pace of significant growth in July. Properties in serious delinquency rose to 2.25 million from 1.87 million in June and 444,000 year-over-year. While overall delinquencies keep decreasing as the economy reopens, many borrowers still face financial hardship and will miss payments. However, foreclosure starts climbed once again as taxes and homeowner fees aren't under moratorium. 

As foreclosure increases continue, today is the best time to act. Our goal is to save your home, please contact the seasoned Foreclosure Defense Attorneys at Fazzio Law, we are in your corner!



Category: Foreclosure Law


There are no comments.

Post a comment

Post a Comment to "Foreclosure News: Record Prepayment Rate, Delinquency Up"

To reply to this message, enter your reply in the box labeled "Message", hit "Post Message."

Name:*

Email:* (will not be published)

Message:*

Notify me of follow-up comments via email.