This week we wanted to offer information for those who are having trouble making the mortgage payments. The sub prime markets have collapsed with fifty lenders going belly up or closing shop in the year. Millions of homeowners will be affected and foreclosures are up substantially.

MarketWatch: Quotes an interview with Goldman Sachs which takes the observation ?Median California home prices are still creeping up, and the state's strong employment trends should support the real estate market. But Goldman is worried that surging prices in the state in recent years weren't driven by traditional factors such as strong employment and income growth. Instead, the bank reckons an increase in ARM mortgages offered to borrowers who were already stretching to buy high-priced homes fueled the boom?.

In an effort to keep the lid on this the institutions are mobilizing and help is on the way.

Freddie Mac: Freddie Mac today announced that it will purchase $20 billion in fixed-rate and hybrid ARM products that will provide lenders with more choices to offer sub prime borrowers. The products, currently under development by the company and slated to be introduced by mid-summer, will limit payment shock by offering reduced adjustable rate margins; longer fixed-rate terms; and longer reset periods.

Federal Reserve Board: They issued a press release 'reminding their institutions that existing regulatory guidance and accounting standards do not require immediate foreclosure on homes when borrowers fall behind on payments. In addition, under the Home ownership Counseling Act, institutions are required to inform delinquent borrowers about the availability of home ownership counseling.?

The Mortgage Bankers Association: They issued a statement 'committed to keeping Americans in their homes and, to that end has partnered with NeighborWorks® America, a national nonprofit organization created and supported by Congress to provide financial support, technical assistance and training for community-based revitalization efforts?
?linking homeowners in danger of foreclosures to a free counseling hotline (888-995-HOPE) provided by the Home ownership Preservation Foundation,?

HUD: The Fed requires that the customer be told about the availability of home ownership counseling offered by the creditor and also advise the customer about home ownership counseling information available through HUD. The toll-free telephone number (1-800-569-4287) provides information about home ownership counseling. The HUD web site

FORECLOSURE: also provides a list of counselors by state.

What is an ARM? Much of the sub prime market consists of ARM?s or adjustable rate mortgages. Lenders generally charge lower initial interest rates for ARM's than for fixed-rate mortgages, against these advantages, you have to weigh the risk that an increase in interest rates would lead to higher monthly payments in the future. Its a trade-off you get a lower rate with an ARM in exchange for assuming more risk.

Home owners may face when seeking help from the Government with their foreclosure problems, because each agency has its own rules for qualifying people. Among them are whether the borrower is employed, how much cash is on hand and more

If this is all new to you then half the battle is getting the language. A glossary of foreclosure terms and a glossary of mortgage terms will help you get the process faster.

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