Foreclosure Rates Drop in Iowa

There is good news for Iowa homeowners today. Reports show that fewer Iowans are falling behind on their mortgages and foreclosure rates are dropping.

According to a survey by the Mortgage Bankers Association, the number of past-due mortgages dropped to 5.82 percent, or 20,510 of the total 352,414 mortgages in the state, as of the end of 2011. The number of homes in foreclosure also fell to 2.79 percent, the lowest it’s been since the beginning of 2010.

“Not dropping like a rock, but certainly heading in the right direction,” said Dan Vessely, president of the Iowa Mortgage Bankers Corp. “It’s similar to the recovery itself, and unemployment itself. Definite green shoots.”

In even better news, Iowa is not alone in its trends. The entire nation is experiencing a drop in the number of foreclosures that have been filed.

In the U.S., the number of mortgages that were past due fell to 8.15 percent, new foreclosures fell to just under 1 percent, and the number of homes in foreclosure dropped to 4.38 percent. However, according to the MBA, Iowa’s rates outranked 39 other states in both delinquency and foreclosure starts.

While the statistics are promising, analysts expect foreclosures to pick back up in the first quarter of this year, following a settlement between federal authorities and the nation’s top lenders last week.

According to Vessely, although the settlement offers relief for homeowners whose properties were foreclosed unjustly, it gives lenders greater certainty about foreclosing on delinquent borrowers, since their policies now have to be squeaky clean.

If you have been struggling with your mortgage or have already received a notice of default, contact a foreclosure attorney right away to fight for your rights. With the help of a leading team of foreclosure attorneys, you can ensure that all your mortgage issues will be resolved quickly and smoothly.

Foreclosure attorneys analyze your financial situation to devise an alternative plan to repossession. Some ideas include mortgage modification, short sale or even a temporary halt in payments. No matter what the plan, rest assured your paralegal will not rest until the best outcome for your case is attained.

Call today to schedule a meeting with a foreclosure attorney near you.

Tags: Attorneys, Delinquency, Delinquent Borrowers, Federal Authorities, Financial Situation, First Quarter, Foreclosure Attorney, Foreclosure Rates, Foreclosures, Heading In The Right Direction, Homes In Foreclosure, Iowa Mortgage, Lenders, Mba, Mortgage Bankers Association, Mortgage Bankers Corp, Mortgage Issues, Mortgages Rates, Notice Of Default, Unemployment

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