A new federal report finds fewer Iowans are falling behind on their house payments, but for those who are still struggling, new programs are being put in place to help keep Iowans in their homes by lowering payments.
Tim Bowler, a deputy secretary at the U.S. Treasury Department, says the numbers are improving and home foreclosures are dropping. “The amount of delinquencies in the state of Iowa has dropped significantly over the last few years,” Bowler says. “Right now in Iowa, approximately one out of every 20 households is delinquent on their mortgage and that’s a number that’s been trending down pretty consistently over the last 5 to 6 years as the economy and the housing market has gotten better.”
The national average is about one in 17 homeowners are behind on their mortgage payments, while he says countless others are one paycheck away from missing a payment. While Iowa’s delinquency numbers are falling, Bowler says the figures are still too high, so he’s touting what are called “Making Home Affordable” programs.
Bowler says, “Our programs are designed to help those folks that have been paying their mortgage and face an unexpected financial hardship that’s resulting in that mortgage becoming unsustainable for that family.” He says homeowners who undergo mortgage modifications through the program are saving a median of more than $500 per month on their mortgage payments.
Bowler says, “They might be able to find assistance through our programs in helping find a mortgage solution for them that will make their housing payments more sustainable in order to help them manage through their hardship.” For more information, call 888-995-HOPE or visit: www.MakingHomeAffordable.gov.