S&P/Experian: Default Rates Rise for First and Second Mortgages

Either these loans were given a modification or the lender finally foreclosed on these loans.  

First mortgage delinquencies rose from 1.92 percent in August to 1.99 percent in September.Second mortgages rose from 1.27 percent in August to 1.32 percent in September.

However, both rates are lower than their levels one year ago when 3.02 percent of all first mortgages were delinquent and 2.14 percent of second mortgages were reported delinquent.

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