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

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Strict Foreclosure



In a strict foreclosure, the lender takes the case to court and requests a court order stating that the borrower has defaulted on the loan.  If the court approves, the title is simply transferred to the lender instead of an actual foreclosure sale.

However, the lender doesn't immediately gain absolute ownership of the home.  After the transfer, the borrower is given a short time frame deadline isn't met, the lender gains complete possession of the home and the borrower can no longer redeem it.

Once the title is transferred, the lender must file a Certificate of Foreclosure within 30 days.  The certificate must include a description of the home and details of the mortgage, title and date of the transfer, and the foreclosure proceedings.