Chicago homeowners are better at paying their mortgages on time
Fewer Chicago homeowners are paying their mortgages late these days, according to the latest research from CoreLogic. And that’s good news. It’s yet another sign that the national and local economies are firmly in economic-growth mode.
Crain’s Chicago Business reported that the share of Chicago-area owners who are late on their mortgage payments fell to an 11-year low in the spring.
Crain’s reported that in March, 4.3 percent of homeowners with a mortgage loan in the Chicago area were at least 30 days late on their payments. That might seem like a lot of homeowners, but it’s actually the lowest this figure has been since March of 2007.
That, of course, was before the local housing market began its crash.
The share of Chicago-area homeowners who are seriously delinquent on their mortgages has also dropped. CoreLogic considers owners to be seriously delinquent when they are 90 days or more late on their mortgages. According to the researcher, in March only about 2.2 percent of Chicago area homeowners were seriously delinquent.
This figure hasn’t hit such a low point since November of 2007.
Why the improvement in on-time payments? Mainly, homeowners in the Chicago area are doing better financially. Fewer are unemployed and many have built up their savings.
Are you struggling to pay your mortgage on time? If so, your best bet is to call your mortgage lender as soon as your monthly mortgage payment becomes a burden. Your lender might be able to offer some relief, such as reducing your interest rate or reworking the term of your loan. You might even qualify for a month or two break from your payments to get back on financial track.
Calling your lender to ask for help isn’t an easy call to make. But if mortgage payments are a struggle, you do need to call. Your lender can’t help if you don’t first reach out.