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"The median monthly payment reduction for borrowers enrolled in
the (HAMP) program is $522" - DSnews.com

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2.2 Million Homes Are Currently in Foreclosure


At the end of January it was reported that there was 2.2 million homes that are currently in foreclosure. The average homeowner has not made a mortgage payment in the last 17 months. The reason for this is because it is taking longer than usual for a homeowner to be given a loan modification and due to all the fraudulent issues surrounding foreclosures.  Companies are also slowing down foreclosures so that there are not a lot of homes for sale at the same time. When there are a lot of homes for sale it decreases the value of the market.