Middle Tennesseans feel the Stress of their Past Due Mortgages
Today it was reported that 5.8% of Nashville area home loans were more than 90 days past due. North Nashville, LaVergne, Antioch and Madison area codes had defaults of over 8%. The national average is 8.4% but middle Tennessee has thus far stayed well below the national average.
These neighborhoods and others like them have a high concentration of moderate to lower income homeowners. With unemployment hitting 9.4% in December, these same homeowners are often some of those first cut from their jobs when companies downsize or just trim their budgets. ALSO this is the same demographic that also fell victim to the subprime lending practices that caused this foreclosure meltdown in the first place.
If you or anyone you know is facing foreclosure call your banker and see if you can workout a repayment plan. Call the Tennessee Housing Development Agency for names of Foreclosure Counselors. Or call a Realtor and see if you can't get your home sold before it is foreclosed on. There are many First Time Homebuyers out there trying to buy their first home while the First Time Homebuyer Tax Credit is still available.
Connie Harveyis a local agent with Prudential Woodmont Realty, serving home buyers and sellers in Nashville, TN, Brentwood TN, and Franklin TN. Let her help you realize your Real Estate goals.
Connie can be reached at 615-661-7800 x 1300 or at HarveyC@realtracs.
Follow her Blog: Nashville Tennessee Living
Connie Harveyis a local agent with Pilkerton Realtors, serving home buyers and sellers in Nashville, TN, Brentwood TN, and Franklin TN. Let her help you realize your Real Estate goals. She can be reached at 615-371-2474.
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Those are pretty high numbers. It would be interesting to know how many of those can or will be cured.
John, those that go for help can often be helped. It depends a lot on the lender. Some just take too long and the homeowner loses their home. It's a shame.
Connie
We have the same issues in South Florida.
Good luck and success.
Lou Ludwig
Good post Connie. It is important that those behind communicate early with their lender, there is help out there but they have to actively seek it out.
I do not read the local paper (personal reasons) but did glance at the article while in the check-out. Yes, there are neighborhoods that are more affected than others during this economic period. Good that you recapped it for us...
Lou - Unfortunately, I think you have it much worse than we do. I am hoping that this isn't the start of another large batch of foreclosures coming on the market.
Mike - I have seen so many of these people stick their head in the sand and do nothing when there ARE things that can be done!
Michael - We'll need to discuss those reasons. LOL