Missed Mortgage Payments Rise by 95%
There has been a 95% rise in the number of homeowners who have missed mortgage payments in the last year, according to research by MoneyExpert. The last six months of 2008 saw 902,000 homeowners miss mortgage payments, compared to just 463,000 in 2007.
Missed mortgage payment could lead to your mortgage lender taking repossession action againsr you. A worrying though when the above figure equates to one in twelve homeowners missing mortgage payments at some point last year, which has increased fro one in twenty-five.
The rise is believed to be linked to the current economic crisis, with many of us suffering financially due to the rise in unemployment and increased living costs.
Sean Gardner, director at MoneyExpert.com, said: “Missing a mortgage payment is about as serious as it gets and is a clear signal that your finances are at breaking point. Millions of households are under pressure from the increasing cost of living and keeping a roof over your head has to be the number one priority for most of us.”