Late mortgage payments continue to be a growing problem in Whatcom County, according to the latest national report.
In July 3.8 percent of Whatcom County home loans were more than 90 days delinquent, up from a revised rate of 3.69 percent in June, according to data from CoreLogic. That’s the biggest month-to-month jump since November and is up significantly from January 2009, when the rate was 2.08 percent.
While Whatcom County’s delinquency rate has been steadily rising, it remains below the state average (5.63 percent) and the U.S. average (7.81 percent).
The rate of local foreclosures among outstanding mortgages also rose. In July the foreclosure rate in Whatcom County was 1.14 percent in July, up from a revised rate of 1.08 in June. The state rate was 1.65 percent, while the U.S. rate was 3.13 percent.
The real estate owned rate — the percentage of loans not sold at auction and returned to the lender — was 0.18 percent in Whatcom County in July, matching the revised June rate. The state rate was 0.32 percent in July, while the national rate was 0.62 percent.
It is understood that people who have had problems paying for rent, mortgage, walk away from their mortgages. However, the rates depend on your payment options. So I would suggest going for the right payment options.