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After years of bad news, foreclosures, awful stories of homeowners having to abandon homes and mortgages they couldn’t afford, we are now seeing some good news come out of the home lending world.
TransUnion, one of the major credit reporting agencies, recently looked at how Americans have been keeping up with their mortgage payments and found that mortgage delinquencies dropped 20% in the past year. A mortgage delinquency, in layman’s terms, is when a borrower is more than 60 days past due on their mortgage payment. TransUnion found that Americans overall are doing a better job of staying on top of their mortgage payments.
Here are a couple of other points from the TransUnion data:
So what does this mean for the average American? A few things. Missing a mortgage payment has consequences:
More Americans are becoming better educated and aware of their credit and using what they’ve learned to improve their credit scores and their personal finances. Financial trouble, especially being delinquent on your mortgage, can be very stressful, discouraging and downright destructive. I once suffered from bad credit following a divorce and had to repair and rebuild my own credit and finances, and I’m now a credit coach. The first step is knowing where you stand and then figuring out what you need to do to rebuild. You can check your credit scores for free every month on Credit.com to see where you stand.
Image: iStock
December 13, 2023
Mortgages
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Mortgages