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You are here: Home / Economy / Prime Mortgage Borrowers Slip Into Delinquency

Prime Mortgage Borrowers Slip Into Delinquency

by Miranda Marquit 2 Comments

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Even though things are starting to improve in the overall economy (expectations for November home sales are positive), for individuals things are still a bit difficult. This is especially telling in the fact that many prime borrowers are starting to slip into delinquency. The Wall Street Journal reports on the situation with regard to prim mortgages:

The most troubling finding was that even borrowers considered “prime,” or the least risky, increasingly can’t pay their loans. The report said that 3.6% of prime mortgages were more than two months behind on payments, more than double from a year ago.

Some borrowers might receive relief from foreclosures by the fact that some mortgage lenders and servicers are suspending foreclosures at some point during the holidays. However, things are still difficult for many people in terms of the personal finance situation. Jobs are still scarce, and this makes it difficult for borrowers to make their mortgage payments in a timely manner.

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  1. LoanShak » Home Prices Flat says:
    December 29, 2009 at 8:43 am

    […] are hopes of economic recovery, things are moving slowly, even on the housing market front. With prime mortgage borrowers slipping into delinquency, and mortgage lenders still being tight with their qualification requirements, it is little […]

    Reply
  2. Loan Modification Attempts Ineffective Long Term - Mortgage Rate News says:
    December 21, 2009 at 12:31 pm

    […] to step up efforts to help as foreclosures continue, but it still might not be enough. Even prime mortgage borrowers are falling behind on their mortgage […]

    Reply

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