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New Report: Default Mortgages and Foreclosures on 7.3 Million Homes

Mortgages in default and foreclosed homes now account for just over 7.3-million homes. The report for April released by Lender Processing Services shows that there is at least some sign of an improvement in the foreclosure crisis with the number of loans 90 days or more delinquent declining from March. However, there are more than 4-million homes in default nationwide and deterioration levels remain excessively high with two loans rolling to a “worse” status for every single loan that has improved. The overall volume of mortgages moving from delinquent to current status declined to a three-month low supported primarily by “artificial cures” associated with the Obama administration”s housing relief program known as HAMP.
Read the full article from Housing Predictor

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  • mis sold mortgage

    Figures are declining as lenders have cleared many off the serious arrears and are now under pressure from the govenment to help borrowers in difficulty.

    Borrowers are also starting to fight back against the people who sold them the finance they couldnt afford in the first place.