In January President Obama initiated a moratorium as a method of relief on foreclosures. This was done in an attempt to clear the path for Obama's anti-foreclosure program, which includes modifications and refinancing.  The plan had been to keep 9 million distressed homeowners in their homes, but this moratorium was like a band-aid on a broken limb, it only covers up the problem.

As a result of this cover-up we now have an infection that is growing. The first quarter report showed that the foreclosures for the first 3 months of 2009 exceeded 800,000. A large portion of these foreclosures came in March alone.  The housing market is not showing any improvement and the prices are crashing hard.

This huge influx of foreclosures is as a result of the moratorium being lifted. Since the lifting of the moratorium notices of default have escalated to an all time high.  These notices of default will turn into foreclosures in 4 to 5 months if the proper steps are not taken to avoid it. This will cause another wave of foreclosures and this one is likely to be bigger than the last.  Experts predict that this will be 5 million more homes by 2011.

As a result of rising foreclosures the following is occurring:

• 40 of foreclosures have been relisted for sale.

This shows that there are over 600,000 homes that are not accounted for, which means the banks must be holding onto their inventory. If this is the case and they release these homes on the market at the same time this will create a major force on further prices falls.

This additional price fall will be further cause for foreclosures as even more homeowners end up "upside down" in their current mortgages.

Predictions are that home prices will fall another 22-27 of the mortgage modifications that were created in 2008 went into default anyway. Do not let this occur to you, be honest with what you can afford.

• Find a company that provides a free consultation by phone - A reputable company will not charge you a deposit until they review your situation and know they can help you.  A good reportable agency will use their time wisely and only represent you if they feel confident in their ability to be effective in your particular case.

• Find an agency this is endorsed by an attorney - You should find someone who can legally stop the foreclosure. 

• Use an agency that has a reputation of being able to buy you time -They should be able to freeze your payments up to 6 months, in the case of financial hardship. They should also be able to stop any annoying phone calls you may be receiving from the mortgage company.

• Find an agency that designs a plan - that meets your budget and objectives - such as a low rate with a 30 to 40 year fixed term. They will be able to have late payments attached to the back end of your loan.

Although the numbers all indicate that the situation is only going to get worse that does not mean that the homeowner that is facing foreclosure should just pack-up and vacate their home without putting up a fight and taking advantage of the modification program that is being implemented by the administration and the major lenders.

Discover how you can ethically modify your home mortgage loan and save as much as 47% off your current mortgage payment in as little as 60 days without refinancing? For your FREE CD, FREE e-book, and FREE coaching call with Mortgage Modification Expert and Business Man of the Year Billy Alvaro visit our website Saint Jude's Mortgage Rescue