News From Our Bankruptcy Lawyers: Mortgages Look Better in 2015

AdminBankruptcy Law

Disability Attorney - On the Docket

According to the latest Equifax National Consumer Credit Trends Report, the total balance of write-offs for first mortgages, home equity loans and home equity lines of credit was $12.34 billion in the first quarter of 2015. This is a decrease of 32.6 percent from the first quarter of 2014. Some of this may have to do with an increase in foreclosures or bankruptcy filings, either of which issues the bankruptcy lawyers at RGG Law may be able to help with.

Consumer Bankruptcy News reports in its June 8, 2015, issue that this means consumers are “doing a better job managing their mortgage debt.”

TransUnion, another major credit reporting agency, also noted in its Industry Insights Report that the percentage of borrowers who were 60 days or more delinquent in their mortgages dropped to 2.95 percent of all borrowers during the first quarter of 2015. This is the first time the mortgage delinquency rate has been below 3 percent since the third quarter of 2007—marking a nearly eight-year low.

Other observers comment that these improved numbers are at least partly due to the significant number of bad loans which bankruptcy lawyers have helped families shed through bankruptcy.

For more information, see the Consumer Bankruptcy News, Volume 25, Issue 15.

Need Help Dealing With Foreclosure? Contact Bankruptcy Lawyers at RGG Law

The bankruptcy lawyers at RGG Law are dedicated to helping you solve your financial problems. Contact us today for a consultation.