Families in Louisiana and elsewhere are struggling with their finances. They may be unable to pay their bills, and they may be falling behind on making their mortgage payments each month. A look at the number of homeowners in the state who are late on their house payments may reveal how many are actually quite close to facing the possibility of foreclosure.
According to statistics, Louisiana ranks second in the nation with homeowners who are behind on their mortgage payments. Around 11% of all mortgages are delinquent or past due. The nationwide average of past-due mortgages is just over 7%. Due to recent economic hardship in United States, some homeowners have been able to secure forbearance from their lenders, giving them some time to catch up.
The percentage of delinquent accounts that were in foreclosure is relatively small, but some experts believe that more could follow in that direction in the future. A mortgage is one of the most expensive assets to obtain and maintain, and it can be difficult to keep up in times where unemployment is high and consumers are struggling with various financial obligations at once.
The threat of foreclosure is frightening and overwhelming for struggling Louisiana consumers. In some cases, it may be appropriate to consider the benefits of filing for Chapter 13 bankruptcy. This process can allow a homeowner to reorganize debt, keep their home and emerge from the process into a better financial future. This is a viable option for consumers struggling to keep up with payments or those who are already behind.