{"id":62,"date":"2018-10-24T09:15:13","date_gmt":"2018-10-24T09:15:13","guid":{"rendered":"http:\/\/mortgagemodificationri.com\/blog\/?p=62"},"modified":"2019-02-05T03:11:21","modified_gmt":"2019-02-05T03:11:21","slug":"american-mortgage-debt","status":"publish","type":"post","link":"http:\/\/mortgagemodificationri.com\/blog\/2018\/10\/24\/american-mortgage-debt\/","title":{"rendered":"American Mortgage Debt"},"content":{"rendered":"

Americans carry a lot of debt<\/a>, 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\u2019s Center for Microeconomic Data. It showed that Americans carry a staggering amount of debt \u2013 namely $13.29 trillion dollars\u2019 worth. A significant portion of that amount \u2013 approximately $9 trillion dollars, is attributed to mortgage debt. This is the highest amount that the debt has reached in 9 years.<\/p>\n

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.<\/p>\n

The high amount of mortgage debt and low foreclosur<\/a>e 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<\/a> allow homeowners who are experiencing a financial hardship to avoid foreclosure and stay in the home.<\/p>\n\n\n

The Mortgage Modification Center<\/h2>\n\n\n\n

\nIf you have any questions regarding a mortgage modification, please reach out to Attorney John S. Simonian<\/a> at the Mortgage Modification Center<\/a>. 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.\n\n<\/p>\n","protected":false},"excerpt":{"rendered":"

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\u2019s Center for Microeconomic Data. 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