LA County mortgage delinquency doubled compared to last years figures. This includes home owners who have not made mortgage payments over 90% days. It is a distressing signal that residents are struggling to make ends meet.
http://latimesblogs.latimes.com/laland/2009/07/la-county-may-default-rate-double-last-year.html
What isn’t discussed as often are the business mortgages, but they do default just like home foreclosures. Commercial property values generally lag 12 to 18 months behind residential properties which means that when home properties start appreciating, it won’t make a dent into the steady commercial property decline that includes office buildings and malls.
http://www.floridatoday.com/article/20090705/BUSINESS/907050314/1006/NEWS01/
If you have little skin in the game, you are likely to default on the loan once you can’t make the mortgage payments. Statistics have shown these mortgage defaults are tied to people who borrowed large mortgages with nonexistent down payments.
If you are struggling to make mortgage payments, then a loan modification might be right for you. This is the last option for homeowners who are facing default, and can prove financial hardships.
http://www.washingtonpost.com/wp-dyn/content/article/2009/07/03/AR2009070302626.html
Mortgage fraud is a pretty serious crime considering so much money is involved in these transactions. Learn the terminology and the type of scams involved in defrauding borrowers and lenders, home buyers and sellers alike.
The FBI created a national team in December just to handle this type of crime.
http://www.nj.com/business/index.ssf/2009/07/mortgage_fraud_has_many_guises.html