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The number of Americans in mortgage limbo keeps growing.
These are the people who are far behind on their payments but are still waiting for their loan servicer to start the foreclosure process. LPS Applied Analytics, a research firm in Denver, reported that 3.4% of U.S. households with mortgages – or around 1.9 million – are 120 days or more overdue on payments but not yet in foreclosure. That’s up from 3.2% in September and 1.5% in October 2008.
Some of these people will be saved, at least temporarily, by loan modifications. Others have given up and will stay in their homes without making payments until they are evicted.
Read more from the Wall Street Journal
