How many foreclosures in a million? A lot.

One million is the number being bantered about of houses that may be lost in foreclosure actions this year.

Rosalyn Dalebout rents out space in her home to three tenants, has cut off her phone service and canceled her earthquake and life insurance — all to pay her mortgage every month.

So far, she's one of the lucky ones.

More than 1 million American households are likely to lose their homes to foreclosure this year, as lenders work their way through a huge backlog of borrowers who have fallen behind on their loans.

Nearly 528,000 homes were taken over by lenders in the first six months of the year. If foreclosures continue at that rate, the yearly number would eclipse the more than 900,000 homes repossessed in 2009, RealtyTrac Inc., a foreclosure listing service, said Thursday.

Whatever the actual number, things do not look well for American homeowners or the banks who gave them the mortgage. Does government have a fix? Perhaps loosening up mortgage modifications for those who are current on their loans but whose homes are valued for less than the amount of mortgage would be a good first step.

What do you think?

The Associated Press story by Alex Viega can be found here - Homes lost to foreclosure on track for 1M in 2010

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