Colorado Springs Homes: More Than 9 Percent of US Mortgages are Delinquent

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Colorado Springs Homes: More Than 9 Percent of US Mortgages are Delinquent

According to a recent HousingWire.com article, "More than nine percent of U.S. mortgages were delinquent or in foreclosure at the end of the second quarter, as both major categories of borrower default activity hit new records, the Mortgage Bankers Association said on Friday morning."

Interesting facts from this article:

Subprime ARM loans accounted for 36% of all foreclosures started
Option ARM loan payments many increase by over 63%
California and Florida accounted for 58 percent of all prime ARM foreclosures in the second quarter

If you are a homeowner that is falling behind on your mortgage payments, you are (obviously) not alone. However, there are alternatives to losing your Colorado Springs home to foreclosure. One of these options is to sell your home before it forecloses.

The foreclosure process can take anywhere from 30 days to a year from the time you miss your first payment to the time your home auctions at the foreclosure sale. In many cases, you can sell your home, move to a home that costs you less per month, and avoid foreclosure.

Even if you owe more on your Colorado Springs home than it could sell for in the current market (which is the case with a lot of homeowners right now), you still have options. Sometimes your bank will take less than you owe. This is called a Short Sale. However, if you want to sell your home to avoid foreclosure but owe more than it could sell for, make sure you hire a competent Colorado Springs Realtor® that specializes in Colorado Springs short sales to help make the process easier for you.

The Wagner iTeam is in the process of getting the Distressed Property Specialist designation, which us allows to successfully negotiate short sales with banks on behalf of our sellers who are facing foreclosure. Call for more information: 719.434.7525