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

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Major Foreclosure Backlog


It was recently reported that it is going to take almost 8 years to get rid of the 2.1 million foreclosures or serious delinquent borrowers. The reason for this is due to all the fraudulent activity that has occurred in the last 2 years. The Banks and the courts are making sure that they follow the guidelines very closely.  According to LPS Applied Analytics, New York and New Jersey are estimated to take almost 50 years to get through their inventory due to the very strict guidelines that have been put into place by the courts.  It is estimated that Connecticut and Maryland could take as long as 10 years to clear out. The other States will not take as long because they don't have to go through the courts to complete their foreclosures.