Matthew A. Dunaway - Attorney At Law

Birmingham Bankruptcy Lawyer & Alabama Debt Collection Defense Attorney

Birmingham, Alabama
205.705.3590

Mortgage Delinquencies Still Rising

Written by | | Foreclosure

According to the Mortgage Bankers Association, the residential mortgage delinquency rate reached 9.24% at the end of the second quarter of 2009.  The delinquency rate at the end of the second quarter of 2008, was 6.41%.  This is the highest delinquency rate since the MBA started keeping records in 1972.

This does not include homes in the foreclosure process.  At the end of the second quarter of 2008, 2.75% of homes were in foreclosure; at the end of the second quarter of 2009, the number of homes in foreclosure had increased to 4.3%.

The end result is that 13.16% percent of all home loans were either delinquent or in the process of foreclosure; the highest ever recorded.

One more troubling fact is that many of these loans are NOT subprime ARMs, but rather are prime fixed-rate loans; an indication that the foreclosures are being driven by unemployment.  With unemployment expected to continue to rise into 2010, one could expect foreclosure to continue to rise throughout 2010 and possibly into 2011.

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Client Testimonials

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Mel H.

With all the anxiety I had going into this process. You made it as easy as possible. From always being available to answer all the questions to never making me feel ashamed of my current financial position. You gave me hope and helped me to feel that this was not the end but rather the beginning. Thank you again for all your help!

Mel H.

Iris H.

Matt, You made my bankruptcy experience so easy and smooth. How can I ever thank you? I came to you, afraid but hopeful. I became confident that everything would work out in my favor after talking with you several times, and I thank you so much for those assurances. I was drowning in debt which was affecting my health, both mentally and physically, due to all the stress from having to deal with financial problems most of the time. I had the best family Thanksgiving this year, since I was free of that burden. I am happier and healthier now,… Read more “Iris H.”

Iris H.

Lotnina E

He was so helpful and made me feel at ease every step of the way!

Lotnina E.

Ron M.

I felt you were very knowledgeable about what you are doing and you actually care about your clients. I’m glad I drove the hour to your office instead of choosing a lawyer that was just 5 minutes from my house. We want to Thank you for All your help. Thank You very much for taking time to here our situation and helping us through that difficult time.

Ron M.

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Hello, I am Matt Dunaway

I like helping people. That’s why I practice law and focus in the areas I do. Sometimes, things don’t go like we expected them to go. I can vouch for this from personal experience. And sometimes, we need help getting back on track.

That’s what I do. I help people get back on track, financially.

Read Matt's Bio

Location

One Perimeter Park South
Suite 100 North
Birmingham, AL 35243
 

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