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

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4.2 Million Homeowners Are Extremely Delinquent on Their Mortgage Payments


A report by LPS Applied Analytics stated that there is an estimated 4.2 million homeowners who are extremely delinquent on their mortgage payments, or have decided to work with a law firm to delay the foreclosure process.   Of the 4.2 million homeowners who are facing foreclosure, two-thirds of them have not made a mortgage payment in at least a year. One third of the total homeowner's who are facing foreclosure have not made a mortgage payment in more than 2 years.  It takes an average of 565 days to foreclose on a borrower from the date that they missed their first payment. In the states of New York and Florida it is taking an average of 800 days until a homeowner loses their home to foreclosure.