Lockdown activity drops but continues to increase each year, data shows

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Lockdown activity fell in November but remained high compared to the same time frame in 2020. Here’s what struggling homeowners can do.

Lockdown activity declined in November, but increased 94% from the same period in 2020, marking the seventh consecutive month of annual increases, according to the last report from ATTOM Data Solutions, a comprehensive predatory data company.

The month of November saw a total of 19,479 US home foreclosure reports, notices of default, scheduled auctions or bank foreclosures. This is a 5% drop from October, according to the November 2021 ATTOM report on the US lockdown market.

“After a first wave following the end of the government moratorium, it appears that foreclosure activity may slow down as the end of the year approaches,” said at the time Rick Sharga, executive vice president of RealtyTrac, an ATTOM company. publication of the report. “Despite concerns about a wave of defaults triggered by a pandemic, mortgage default rates and foreclosure starts have continued to decline as a result of government and industry programs and the resumption of debt. the US economy. “

Homeowners who are struggling to make their mortgage payments may want to consider refinancing at a lower rate to lower their monthly payments. Consult Credible to find your personalized mortgage interest rate without affecting your credit score.

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Areas with the highest seizure rates

The highest foreclosure rates have been seen in Illinois, where one in 3,187 homes have been subject to foreclosure, according to ATTOM data. Other states with high foreclosure rates include Florida, Ohio, Delaware, and New Jersey.

New mortgage foreclosure deposits slipped in November, which Sharga says is encouraging.

“It is very encouraging that home foreclosure starts have declined despite the exit of hundreds of thousands of borrowers from the CARES Act mortgage forbearance program in recent months,” said Sharga. “This suggests that the ‘forbearance equals foreclosure’ narrative was incorrect, and that efforts by government and the mortgage industry have potentially prevented millions of unnecessary foreclosures from occurring due to COVID-19.”

If you’re having trouble with your monthly mortgage payments, you might consider refinancing to lower your interest rate. Visit Credible to compare multiple mortgage lenders at once and choose the one with the best interest rate for you.

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What to do if you are having difficulty with mortgage payments

If your monthly mortgage payment becomes difficult to manage, there are several options available to help you get back on track. Here are a few to consider:

Enter mortgage forbearance

Mortgage forbearance, which allows homeowners to suspend their principal and interest payments for a period of time, is available to many homeowners. Entering the forbearance will not affect a homeowner’s credit score and their loan will continue to show up as up to date on their credit report. They will also have several options to make up for missed payments, including making a lump sum payment, adding missed payments at the end of the loan, or other loan modification options.

Unlike other types of federal loans, there is currently no fixed date for the end of the forbearance option on loans guaranteed by Fannie Mae and Freddie Mac. Homeowners can contact their mortgage agent for more information on forbearance entry or other loss mitigation options.

Refinance your home loan

Mortgage interest rates are hovering at historic lows, which means that many borrowers could still save on their mortgage payments by refinancing their home loans. Some homeowners could even save hundreds on their monthly payments. If you are interested in mortgage refinancing, visit Credible to review your options and see how much you could save.

Sell ​​your house

If you’re struggling to keep up with your monthly mortgage payments, selling your home may also be an option. In many cases, this avoids having to go through the foreclosure process and could leave homeowners with a profit rather than a foreclosure sale or eviction. Home prices have jumped nearly 20% since 2020 and values ​​continue to rise.

If you are having financial difficulties and are considering your options for your mortgage, contact Credible to speak to a mortgage expert and get all your questions answered.

Have a finance-related question, but you don’t know who to ask? Email the Credible Money Expert at [email protected] and your question could be answered by Credible in our Money Expert column.

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