Lender Processing Services (LPS) reports the early 2011 delinquency rate is down 18% from 2010
6.9 million properties are still more than 30 days late, or in foreclosure.
4.4 million of those are more than 60 days late.
only 1 in 4 Home Affordable Modification Program (HAMP) loan modifications even make it to trial stage- less than 10% succeed.
” Bank incur a lot of additional expenses when they foreclose- legal fees, security and damage issues, repairs, property maintenance, insurance, evictions, agent or auction fees, and more. A reasonable short sale is almost always going to net more money to them.”