With the availability of government programs such as Home Affordable Modification Program (HAMP) - a plan designed to help borrowers afford their mortgage payments by lowering their interest rate, extending the mortgage or holding a portion of the loan in forbearance - it was expected that foreclosures would decrease. But instead, many of those people who participated in HAMP are defaulting again.
The number of foreclosures in Central Florida has increased since 2009 including nearly 17,000 foreclosures in Orange Co alone in 2010. Industry experts expect that number to grow even more in 2011.
Read full article at East Orlando Sun.com
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