An important video from Freddie Mac has been posted on YouTube: http://www.youtube.com/watch?v=cS2HsaBA5No.

If you (or anyone you know) are facing imminent foreclosure, be sure to view this two-minute video.  There are scam-artists out there who taking advantage of desperate homeowners. 

Blanche Evans, respected real estate commentator of Realty Times, recently reported that at least one knowledgeable economist is predicting much higher interest rates soon as the global economy, fearing a collapse otherwise, allows interest rates to rise.  For the full story, go to http://tinyurl.com/yseeke.

Although Evans stops short of predicting a huge increase in buyer activity, that has been the case in the past when interest rates started to rise.  Talk about a timing challenge, buyers must now determine whether the perceived promise of lower housing prices outweighs the threat of soaring interest rates.

Read the article.

Treasury Secretary Henry Paulson announced Project Lifeline yesterday.  Homeowners at least three months behind in their mortgage payments may be eligible for a one-month pause in the foreclosure process IF their mortgage company is one of the participating ones: Bank of America, Citigroup, Countrywide, J.P. Morgan Chase, Washington Mutual and Wells Fargo.  During that pause it is hoped that refinancing terms can be worked out with the lender. The Hope Now Alliance, of which the six financial institutions are members, has a toll-free number for their hot-line: 1 800 995-HOPE (4673).

Those companies will be sending out letters to those who qualify under the program.  However, many homeowners in financial trouble do not respond to letters or telephone calls from their mortgage holders, oftentimes embarrassed by their situation and/or thinking that they will be able to work things out without further contact. 

This program will help some, but not all, homeowners who are experiencing financial difficulties.  If you think you qualify, reach out to the Hope Now Alliance.