Rising Mortgage Defaults: A Growing Trend in the Market
Mortgage defaults are beginning to be seen in the market, according to a broker. This trend is likely to continue in the future.
The Impact of Defaulting on a Mortgage
Defaulting on a mortgage can have serious consequences for an individual’s future. According to the Consumer Financial Protection Bureau, approximately 8.8 million homeowners were in default on their mortgages as of 2019. This number is expected to rise due to the economic impact of the COVID-19 pandemic. Defaulting on a mortgage can have long-term negative effects, such as difficulty obtaining credit in the future and damage to one’s credit score. In addition, individuals who default on their mortgages may be subject to legal action and foreclosure proceedings by their lender. It is important for individuals facing financial hardship to seek assistance from their lender or other resources before defaulting on their mortgage payments.You might also like this article: Immobilieninvestor kauft Hotel Neubau in Hamburg [2022]. Picture source: Karsten Würth