Housing News Update

Foreclosures Leveling Off – Although CNN reported that foreclosures rose in July.

Program to Prevent Foreclosures Falls Short – An article about the lack of success of the HAMP program.

Courts Offer Help to Those Facing Foreclosure – A new program in Lycoming County, Pennsylvania. Whenever a private owner-occupied mortgage foreclosure is filed, those in default will be given an opportunity to request a court conference shortly after the complaint is filed.

Advice for the Reluctant Landlord – In my previous post, Options for Homeowners in Underwater Mortgages: Saving Your House, I discussed the option of renting out your home when you are unable to sell it. This CNN article contains good advice for prospective landlords.

Fannie Mae Offers Borrowers Hardship Relief – Fannie Mae offers more flexibility by easing its policies for those facing “unique hardships.”

Foreclosed on – By the U.S. – The Fed helped bail out Bear Stearns, and now it has to deal with delinquent borrowers.

Doubling Down on Housing – Some homeowners with underwater mortgages are choosing to put more money into their homes, by paying down their negative equity and refinancing.

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