Recent research shows that 1 in 7 American with home loans of more than $1,000,000 have missed 3 consecutive mortgage payments. According to marketplace.org only 1 in 12 of home owners with loans less than $1,000,000 are in seriously deliquent.
Large mortgages, called Jumbo loans, often carry a higher interest rate than a conventional loan. Some homeowners with these loans may view thier homes as bad investments and prefer to walk away from the homes instead of paying the mortgage. The research shows that the pressures of the economic downturn are impacting people across the entire economic spectrum. Every mortgage lender and financing institution will tell you that as soon as you think you are having trouble paying your mortgage you should contact your lender immediately and find out about loan modification programs and assistance to help you avoid foreclosure.
At The Alison Moss Group, Cincinnati is more than a city to us–it’s our hometown. Since launching in 2008, our clients have depended upon us to lead them through the home buying and selling journey. We are the go-to resource for all of your needs before, during and after the sale of your home.