Late Mortgage Payments Reach High

Late Mortgage Payments Reach High

Late mortgage payments shot up to a 3 1/2-year high in the final quarter of last year and new foreclosures surged to record levels as borrowers with tarnished credit histories had trouble keeping up with monthly payments.

The Mortgage Bankers Association, in its quarterly snapshot of the mortgage market released recently, reported the percentage of payments that were 30 or more days past due for all loans tracked jumped to 4.95 percent in the October-to-December quarter.

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