The Cincinnati Enquirer from Cincinnati, Ohio on October 6, 1991 · Page 81
Get access to this page with a Free Trial
Click to view larger version

A Publisher Extra Newspaper

The Cincinnati Enquirer from Cincinnati, Ohio · Page 81

Cincinnati, Ohio
Issue Date:
Sunday, October 6, 1991
Page 81
Start Free Trial

Page 81 article text (OCR)

Sunday, October 6, 1991 THE C INC INNATI ENQUIRER HomeH-5 In The N D A ew ueiinraon D clC6 tin . Y JLJLJL Delinquent mortgages on the rise Homeowners need to notify lenders to work out payment BYDWID M. MYERS Los Angeles Times An estimated 2.4 million homeowners are behind in their monthly mortgage payments, the highest level of delinquencies in nearly five years. And with the housing market weak, and the country still mired in recession, that number is expected Excitement Continues to Build with " The Bennington Another New Design with Drees Quality! to grow in the months ahead. But if you are one of the millions of borrowers who have fallen behind on their mortgage, you probably do not have to worry much about actually losing your home through foreclosure as long as you contact your lender now to explain your financial woes and devise a plan to solve them. ; "The first call you make should be to your lender," said Jaimie Ogden, an official with the Federal Home Loan Mortgage Corp. "Most of them are pretty reasonable, and they'll try to work something out with you. They don't want you to lose your home any more than you do." I 1 ili'ii- r v f n-M l ;t II "v f A I SITTING t 5.3 delinquent ; The Mortgage Bankers Association of America reported earlier this month that about 5.3 of the 45 million residential mortgages currently in force are delinquent 'Prices vary by location and lot cost. by at least 30 days. That's the highest "late rate" since 1986. i In Ohio, 1.76 of the $27 billion worth of residential mortgages that were in force in June the latest figure available are classified as delinquent, said Bill McGuire, a vice president and economist at the Federal Home Loan Bank in Cincinnati. He said the percentage of mortgages that are in default in Ohio is down from 1.9 from March. "The delinquency rate is not as bad in Ohio because the economy is better than the nation's, particularly if you look at the weak economy along the East and West coasts," McGuire said. ; Yet if traditional patterns hold, only about one of every 20 of those borrowers will actually lose their home to foreclosure. BEDROOM 3 LaSJ '"SETI BEDROOM K j ' Second Level Mil: lIa:i:ClctMMtgito Ms I Vftfi4v L. 0H, W..tam How The others will be able to save their home by getting emergency relief from their lender, find some other way to pay their bills, or simply sell their house before the lender can complete .the foreclosure process. Lenders do not like to kick their customers out on the street, largely because it's a costly and time-consuming process not to mention bad public relations. Still, the importance of talking with your lender when you first run into financial problems can't be ypy., s we,ch,er wi Soc. -Fotw m S .V l Liouiviiwtcitntii. , a North Cincinnati Locations 40. Westchester Station '($129's-$190'8) 779-0633 43. Signal Hill ($120's-$170's) 831-6777 59. Woodford ($180'S-260's) 677-9462 60. CarriaqeGate In the past eight weeks, Drees Las introduced a half dozen new home designs and two all new commiinities. More are on the way! Add these to our present list, and you'll rind Drees offers the most home designs and locations of any areahuilder. With homes from the $80's to the $375's and Towne Homes from the $70's to the $l70's, Drees offers you price ranges to suit your tudget. With the assistance of First Equity Mortgage, we can make your dream Florence VW JL yvt AAHtghwiy V S Taylor Mill KENTUCKY ($120's-$180's) 398-8181 62. Woodfield at Beckett ($105's-$155's) 870-0905 70. Montclaire ($120's-$170's) 398-5155 72. Huntwicke ($204'S-$260's) 677-9462 74. Claiborne ($120's-$150's) 677-3929 79 Belle Meade ($130's-$250's) 677-5960 Eastern Cincinnati Locations 28. Shayler Crossing ($80's-$130's) 752-6042 57. Wolfangel Farms ($150's-$280's) 528-2139 58. Brandonmore ($106's-$170's) 528-2139 Western Cincinnati Locations 69. Windmere ($126'S-$170'S) 574-1788 71. LaSalle Place ($126'S-$165'S) 481-0909 77. Wyeclitf ($130V$189's) 574-1788' 80. Kiplingwood ($100s-$148's) 481-0909 Northern Kentucky Locations 24. Mill Valley ($89'S-$140'S) 431-4565 45. Woodstone ($90'S-$160'S) 441-0205 46. OakBrook ($100's-$180's) 525-7385 55. Sturbridge ($110'S-$160'S) 441-0205 67. Deerfield ($80'S-$128's) 525-7385' 68. Crescent Pointe ($140's-$270's) 331-0519 75. The Links ($185's-$375's) 282-0751 ;ality. are overstated. ; "Most lenders have specialists on-staff who are trained to work with borrowers who've run into some financial trouble," said Richard De Leo, a vice president with lending giant Countrywide Funding Corp. "The sooner you get in to talk to us, the sooner we can help you get out of your jam." The type of relief that a lender will provide or whether you will get any help at all will be determined by a variety of factors. ; Much will depend on your past payment record: You stand a much better chance of working out a deal if you have always paid your mortgage on time than you would if you've constantly had trouble making payments in the past. Finding a solution Lenders can offer help in a variety of ways. ' If you are simply short a few hundred dollars each month and expect to be back on your feet soon, the lender might agree to temporarily lower your interest rate to solve your cash-flow problems. Or, it might restructure your debt so you can pay it back over a longer period of time, thus reducing the size of your monthly mortgage tab. As an alternative, the lender might allow you to make "interest-only" or "principal-only" payments until you're back on solid ground. Change would reduce the size of your monthly obligation. One more note: If you have studied all your options and just cannot ficure out a way to keep East 25. Vineyard Green ($80'S-$160'S) 528-4466 Northern Kentucky Towne Home Locations 12. The Clifts-OakBrook ($78'S-$120'S) 525-8614 22. Ft. Mitchell Place ($80'S-$139'S) 344-0230 23, Springside ($76's-$129's) 441-0045 ' Design & Information Center 791-5211 78. Hempsteade ($120'S-$170'S) 384-1191 81. Brightleal ($110'S-$170'S) 342-8129 82. Dartmouth Woods ($100's-$160's) 586-9325 Cincinnati Towne Home Locations North 17. CarriageGate ($70'S-$90'S) 398-4466 18. Tennyson ($85'S-$175's) 489-7399 21 . Tennyson Patio Homes ($145's up) 247-0552 West 19. Kiplington ($80'S-$130's) 542-1800 Are your homekiying needs more urgent? Drees always maintains 'Shown by appointment only As your needs grow and change, Drees continues to plan for the AWf!lXttatWer VOUI iut"- . , -Jed future as well. We invite you to tour a wide selection of immediate occupancy Homes and Towne Homes throughout the Greater Cincinnati area. Again, in a wide variety of styles and price ranges. our new "Bennington" or any of our . 1-12 ;tolej7pormo model locations to learn more about right to M1 now we are growing to serve you. your home, your best bet will probably be to sell the house before the actual foreclosure sale takes place. "Selling your home is a gut-wrenching decision, but you have to be practical," said Richard Peach, an economist at the Mortgage Bankers Association. "If keeping your house just doesn't make economic sense, you're probably going to lose it sooner or later anyway." Ifr EQUAL HOUSING: OPPORTUNITIES f 1991 The Dreei Company All Rlghti ReierveJ - y. . . t ii A -. A . a

Get full access with a Free Trial

Start Free Trial

What members have found on this page