Recent data suggests mortgage delinquency rates are declining in North Dakota.
A survey completely by the personal finance website, Wallet Hub ranks North Dakota as 4th in terms of falling rates of mortgage delinquency.
Chip Lupo is an analyst for Wallet Hub. He says North Dakota’s overall change in delinquent mortgage loans is a drop in over 12 percent – and that means, people understand how to get those payments in on time.
"The Dakotans and some neighboring mountain states are all clustered together; and the top ten is pretty well represented in this part of the country. Montana at 1, Wyoming at 2, North Dakota at 4, South Dakota at number 10. It suggests the Midwest and Upper Midwest in general - this is a blue collar, working class area - I think folks there know the value of a dollar. They know what it means to be able to save, to budget properly, and to stay current on your monthly obligations."
North Dakota actually had the lowest share of delinquent mortgage loans in the first quarter of this year, at 4.63 percent.
Lupo says banks do not want their borrowers to get underwater on their loans. He says if you’re getting behind, reach out to your lender.
"They'll work with you - they want your business. The last thing they want you to do is foreclose on your home and have it turned over to the bank. Ask if there's any kind of - all lenders have them - they're called financial hardship programs. They don't advertise them, so you'll have to ask. But maybe they have some temporary forbearance programs, maybe get a rebate on an interest rate - there's probably some program that can allow you to make some progress."
Lupo says while forbearance programs can be helpful, interest still accrues on those accounts – so it’s important to have a plan to get that paid down later as well.
