According to this Wall Street Journal article, nationwide, the average loan in foreclosure has been in default for 492 days as of October. In October of 2005, the number of days in default was 289 days. In New York, the average number of days in default is 604. The caseload of foreclosures has doubled in … More Bank’s Struggle to Seize Homes.
The Treasury Department’s attempt to help many in foreclosure through the Home Affordable Modification Program (HAMP Program) has been disappointment so far according to the Congressional Oversight Panel. Originally, this program was to help 4 million people who were struggling with foreclosure to modify their mortgages. Instead, as of October, only 519,000 families have received … More Obama’s Mortgage Modification Plan Falls Short.