More Lawsuits to Come

Posted on December 3, 2008 in Arizona Law Regarding Business and Real Estate

If you could invest in a law firm, this would be a good time. According to the WSJ, the number of consumers with delinquent mortgages is poised to almost double by the end of next year, hitting its highest level in at least 16 years, according to a leading credit bureau.

TransUnion LLC, which analyzed about 27 million consumer records in its database, predicted that the proportion of consumers with mortgages that are 60 days or more past-due will hit 7.17% in the fourth quarter of 2009.

That would be the highest level reached since the Chicago credit bureau — which is releasing the data on Tuesday — started keeping track. I wonder how many of these defaults are occurring because the lenders have told the shaky borrowers that the must miss payments  before they can rework the loan. As my kids say, this is just great. There is little doubt this will lead to many more Arizona lawsuits.

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