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Report: Maryland Distressed Home Loans Decline

BALTIMORE (AP) — A new report says fewer Marylanders are facing foreclosure or are behind on mortgage payments.

The report released Thursday by the Mortgage Bankers Association said the number of distressed loans in the fourth quarter was lowest since mid-2009.

The number of Marylanders who were behind on payments in the last three months of last year or in foreclosure fell 10 percent from the fourth quarter of 2009 to 140,000. That accounts for 13.5 percent of the more than one million loans in the state, according to the MBA’s quarterly National Delinquency Survey.

Last year was the first time since 2005 that the percentage of delinquent borrowers fell at year’s end compared to the same period a year earlier.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

Comments

One Comment

  1. Jeremy Gilbert says:

    Anyway, in spite of that, it is still possible to hold on to your home even in the face of foreclosure. A working knowledge of the foreclosure process, along with a few not-so-secret strategies, can keep you in your home for the foreseeable future even if you cannot make your mortgage payments. This should tide you over until you have the wherewithal to finally land a loan modification.

  2. victoria stiles says:

    There are definite risks associated with foreclosures most buyers are aware of, like the repairs that often come with neglected and abused homes. These homes tend to be concentrated in neighborhoods, though not always. With the threat of more homes possibly going into foreclosure, the newest risk is that the house might continue to lose value even after you purchase it, because new foreclosures come on the market, furthering the decline in the neighborhood.

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