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

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Over 6 Million Mortgages Are in Default


Lender Process Services reported that there were a total of 6,298,000 mortgages that did not make a payment by the end of October, 2011. This number is actually a decline based on the numbers for the last 2 years.  In January 2010, it was reported that there was a total of 8,118,000 mortgages that were past due. In January 2011, the total number of unpaid mortgages was at 6,870,000. 

The declining numbers prove that the banks are slowly working with the homeowners to figure out a solution to help them with their home loans.  Lender Process Services also reported that there is a decline in past due mortgages, but there is a rise in foreclosures.