Now that the United States has elected it's new President, Barack Obama, many Americans demand immediate action on the bank foreclosure market.

About 200,000 to 700,000 homeowners in the United States are faced with a bank foreclosure. Many of these homeowners are minus monthly income, or had some type of emergency they enabled them to fall into bank foreclosure. As a result of this many homeowners credit suffered because of it and left them with little options to work with.

A majority of U.S. banks came to the realization that foreclosing on these delinquent mortgages, and retaining the property to put up for sale was an exercise of futility. These properties would just remain on the market with little to no chance of selling in time. This meant the banks would have to maintain the properties (i.e. Tender loving care, paint, lawn, plumbing, repairs, etc). Additional costs would be the properties carrying cost (i.e. homeowners insurance, property taxes, etc).

So many banks, had to reconsider foreclosing on these properties until late December 2008 to early January 2009. They would examine the mortgages that are workable and offer the homeowner affordable terms. This system makes it easier for both parties. No foreclosures for the banks. No homeowners losing their home to a bank foreclosure.

Should all banks consider using the loan-modification program to help delinquent homeowners?