2.4 Million Foreclosures in 2009?

The Center for Responsible Lending estimates that over 279,000 mortgages have foreclosed in 2009 and that the number will reach 2.4 million.

Their website allows you to view foreclosure rates by state.

Happily, the Office of Thrift Supervision (OTS) has apparently asked for a moratorium on foreclosures until the government can implement a loan modification program.

CRL recommends policies that will allow courts to modify mortgage loans.

Currently, the bankruptcy code does not permit judges to modify loans secured by a debtor's principal residence. Though judges do have the discretion to modify or "cram down" a loan secured by a car- or, say, a summer home.