Freddie Mac reported that the Single-Family serious delinquency rate in August was 3.17%, up from 3.12% in July. Freddie’s rate is up from 0.61% in August 2019, and no one know how these defaults will end.
This is the highest serious delinquency rate since January 2013.
Freddie’s serious delinquency rate peaked in February 2010 at 4.20%.
These are mortgage loans that are “three monthly payments or more past due or in foreclosure”. A loan modification may help resolve this issue.
There are options for homeowners including Loan Modification.