While foreclosures have become a normal part of the real estate market, the jump in July has at least one mortgage lender concerned.
The foreclosures in Frederick County, according to RealtyTrac, jumped from 109 in June to 199 in July.
Hugh Gordon, a mortgage loan officer with Fitzgerald Financial, said he finds that disturbing. While it reflects lenders getting caught up on a backlog of distressed properties, there are many mortgages still facing problems.
Gordon said there are mortgagors barely hanging on. Unforeseen problems, such as a health crisis or loss of a job, could easily tip the balance for a homeowner struggling to make monthly mortgage payments.