Mortgage delinquencies still in play

I just read an article on DSNews, the leading magazine that discusses the latest on the default servicing industry, that mortgage delinquency rates rose from the March. April's data shows that there are 6,388,000 mortgages that are at least 30 days late or in the foreclosure process. The article did not go into detail about the reasoning behind the increase in delinquent mortgages, but we can certainly speculate some reasons for this while looking around at our communities. 
While the unemployment rates seem to be on the slow track showing slight improvements in the job sector, there are many other indicators showing that our country is begining to dig it's way out of the rescession.  However, that does not mean that mortgage delinquencies immediately dissappear because there are small sign of improvement around the economy.  Take a look at your own community and neighborhood conversations to find what people are stresssed about.  People are still in distressed financial situations, still looking for jobs and trying to play catch up on their bills. 
Loan modifications are still playing a big roll for mortgagors and lenders alike.  I have taken some time out of my days to help a few clients with loan modifications as they've been given the run around by other non-profit and profit agencies alike.  These companies are dropping the ball somewhere, somehow on the mortgagors and their files sit at a stand still with the lenders because the follow up and persistence just isn't a priority while working the cases.  While helping these clients, I've discovered that most lenders require a homeowner to be behind on their payments by at least 30 days before they can even submit a modification request.  This is one contributor to the 6,388,000 delinquent home loans.
If you'd like to see more of the article, click here.  If you know of anyone that is in a distressed financial situation, please have them give me a call.  I've successfully negotiated loan modifications for Bank of America, GMAC and Wells Fargo, so if you know someone that is struggling to get this completed I can help in this areana as well.
Your friend in the business,
Liz Novotny
651-203-1769 or liz@liznovotny.com