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Indiana Sees One of the Smallest Increases in Mortgage Delinquency Rates

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STATEWIDE, Ind. (WOWO) – Despite economic challenges, Indiana homeowners have shown resilience, experiencing one of the smallest increases in mortgage delinquencies in the country. According to a new report from WalletHub, Indiana ranks 48th in the nation for the increase in mortgage delinquencies from the fourth quarter of 2023 to the first quarter of 2024.

Indiana: A Closer Look Indiana’s mortgage delinquency rate stands at 7.40%, with only a 6.09% increase from the previous quarter. This minimal rise places Indiana near the bottom of the list, indicating that Hoosiers are managing to keep up with their mortgage payments better than many other states. While any increase in delinquency is a concern, Indiana’s smaller rise is a positive sign amidst national trends.

Financial Expert Insights Cassandra Happe, a WalletHub analyst, underscores the importance of addressing delinquent mortgage debt promptly. “If you are delinquent on mortgage debt, you typically have until the debt is 30 days past-due to get current. After that, the lender will report the delinquency to the credit bureaus, damaging your credit score. Therefore, it’s crucial to get current on your debt as quickly as possible.”

Happe advises homeowners facing financial difficulty to ask their lenders for temporary forbearance, which can prevent them from being reported as delinquent and offer relief until their financial situation improves.

Economic Context Indiana’s relatively stable mortgage delinquency rates may be attributed to various factors, including a resilient job market and effective financial management by homeowners. However, the slight increase still points to underlying economic pressures that some Hoosiers are experiencing.

What Can Homeowners Do? Homeowners in Indiana are encouraged to:

  1. Communicate with Lenders: Reach out to mortgage lenders at the first sign of financial trouble. Many lenders offer forbearance programs or other assistance options.
  2. Budget Adjustments: Review and adjust household budgets to prioritize mortgage payments.
  3. Seek Financial Advice: Consider consulting with a financial advisor to explore all available options.

Conclusion The WalletHub report highlights Indiana’s commendable position in managing mortgage delinquencies, showing one of the smallest increases in the nation. As Indiana continues to navigate economic challenges, the commitment of its residents to stay on top of mortgage payments is a positive indicator of financial resilience. Addressing the underlying issues contributing to mortgage delinquencies will be essential for ongoing stability and growth.

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