Economic observers are forecasting another surge of foreclosures later this summer or in the fall. Those lenders that held off on foreclosures as part of President Obama's plan will now proceed vigorously to clear the backlog of troubled mortgages, causing the large amount of foreclosures.

Home values will depreciate with the foreclosures rising, says Mark Zandi of Moody's Economy.com, who calculates that 15.4 million homeowners, one in five of those with first mortgages, will be underwater.

Seth Wheeler, a senior adviser to Treasury Secretary Timothy Geithner, has said that the government is "unlikely to implement another moratorium."

However, Wheeler also said the government has planned to put in place some programs that encourage lenders to try something other than foreclosure.

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