Americans carry a lot of debt, and mortgages make up a significant portion of that debt amount. In August of 2018, a report was released by the Federal Reserve Bank of New York’s Center for Microeconomic Data. It showed that Americans carry a staggering amount of debt – namely $13.29 trillion dollars’ worth. A significant portion of that amount – approximately $9 trillion dollars, is attributed to mortgage debt. This is the highest amount that the debt has reached in 9 years.
Although mortgage debt is the highest amount it has been in a while, foreclosures are still low, especially by historical standards. Only 1% of mortgages were reported to have gone into delinquency. Many mortgages in the early stage of delinquency became current as well.
The high amount of mortgage debt and low foreclosure rate may be attributed to different options that are now available to homeowners who find it difficult to make the mortgage payment. Tools such as mortgage modifications allow homeowners who are experiencing a financial hardship to avoid foreclosure and stay in the home.
The Mortgage Modification Center
If you have any questions regarding a mortgage modification, please reach out to Attorney John S. Simonian at the Mortgage Modification Center. Attorney Simonian has helped numerous families throughout Rhode Island modify their mortgage and stay in their homes. Attorney Simonian may be reached at (401) 467-7998.
Attorney John S. Simonian is a Rhode Island and Massachusetts lawyer who specializes in bankruptcy law and mortgage modifications. Click here to learn more about Attorney Simonian.