There may be an additional 5 million homes which go all the way to foreclosure over the next two (2) years, according to various financial analysts. A record high number of 4.63% of all mortgages nationwide were in some form of foreclosure in March 2010. An even more staggering 9.54% of all mortgage loans in the USA were more than 90 days late.

As I have said and written many times over the past few years, I continually hear stories of homeowners who are able to go one or two years without making a mortgage payment before their existing lender finally begins the foreclosure process.

The primary reason, from my perspective, that more banks don't file foreclosure faster than they have in recent years is that the banks do not want to acknowledge how bad their financial losses are partly due to their own concern about their stock values as well as potentially triggering even more catastrophic losses for themselves by way of defaulting on their Credit Default Swaps or other complex derivatives.

Existing homeowners who may be currently delinquent may want to try to get a loan modification approved with a lower principal, interest rate, and payment option, or try to get a short sale approved to another home buyer before the existing values in their neighborhood potentially worsen even more.

Sadly, serious mortgage delinquencies are now 30% more than just one year ago so the trend continues to worsen and not improve as portrayed by some financial analysts.