Rising Mortgage Defaults: A Growing Trend in the Market

Mortgage defaults are beginning to become more common in the market, according to a broker. This trend is likely to continue in the future.

Defaulting on a Mortgage

Defaulting on a mortgage can have serious consequences for an individual’s financial future. According to the Consumer Financial Protection Bureau, approximately 8.8 million homeowners were in default on their mortgages in 2019. This number is expected to increase due to the economic downturn caused by COVID-19. Defaulting on a mortgage can lead to foreclosure, which can damage an individual’s credit score and make it difficult for them to obtain financing in the future. Additionally, individuals who default on their mortgages may be subject to legal action from their lender or even face bankruptcy. It is important for individuals to understand the risks associated with defaulting on a mortgage before making any decisions about their financial future.
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Picture source: Richard Horvath