The precursor to a foreclosure lawsuit (usually) is the homeowner being delinquent. The definition of delinquent can vary, but it always means not paying an obligation 30 days after it is due. (FYI: Most people, when speaking about foreclosure, save the term delinquent for being 90 days late on your last payment.) The number of people meeting that minimum definition is on the rise compared to last year.
“… [Seven] percent of homeowners with mortgages were at least 30 days late on their loans in February, an increase of more than 50 percent from a year earlier.”
This is a national statistic but it is distressing, nonetheless. And for those of you that are thinking “the worst must be over”, that may not be the case:
“….the continued increase in mortgage delinquencies revealed in his data foreshadows more foreclosures, short sales and home price declines as homeowners default and banks then repossess the homes to sell them at deep discounts.”