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.

Schedule your FREE phone consultation today. Call 205.705.3590 or fill out the form below:

  • This field is for validation purposes and should be left unchanged.

Client Testimonials

Read more

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.

Lotnina E

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

Lotnina E.

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.

Latest Articles From The Blog

Birmingham Bankruptcy Courthouse Reopened

The Birmingham Bankruptcy Courthouse, officially known as the Northern District of Alabama-Southern Division, recently reopened after several years of renovations.  Although the outside has kept its classic look, except for some minor landscaping changes, the inside is vastly different.  All three courtrooms are now located on the first floor, right off the main lobby area, making it much easier for debtors, creditors and attorneys to find their way to the correct courtroom.  Meeting of Creditors hearing are now held on the basement level in a room much more conducive to its purpose.  Although I cringe at the estimated cost ofRead more “Birmingham Bankruptcy Courthouse Reopened”

Your Bankruptcy Hearing: What to Expect

For many people, one of the most frightening aspects of bankruptcy is going to court. What’s going to happen?  Who will be there?  Will I be asked embarrassing questions? Here are 10 things you need to know about your bankruptcy court date: 1.  Don’t expect to see the Judge.  If you file Chapter 7 Bankruptcy, you will probably never see the Judge.  A “Bankruptcy Trustee” (he’s just a lawyer appointed by the court to administer your case) will ask you four or five simple questions at your hearing. 2.  Your bankruptcy lawyer will be at the hearing with you.  He’s there toRead more “Your Bankruptcy Hearing: What to Expect”

To Deduct or not to Deduct: The Means Test, the Supreme Court and your car.

May a debtor claim an ownership expense deduction under the means test if the vehicle is unencumbered? The Supreme Court will hear a case on this issue to resolve a split in the circuits; well, not a 50/50 split, but the usual split…the 9th Circuit versus everyone else. Pre-BAPCPA, this would be a simple issue…if the debtor has an expense, then the debtor is allowed the deduction, as long as it does not breach the subjective test of “substantial abuse”; a subjective test based on “real” objective figures. In 2005, BAPCPA introduced the “means test”, an objective test based onRead more “To Deduct or not to Deduct: The Means Test, the Supreme Court and your car.”

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
 

MENU