Announcement 09-33 introduces Deed-for-Lease™, a new option for qualified borrowers facing foreclosure (or their tenants) to remain in their home by signing a lease in connection with the voluntary transfer of the property to the lender through a deed-in-lieu of foreclosure transaction.

Am I the only one who thinks this is a bad idea? Does this not put more bad debt on the banks, thus making it harder for qualified borrowers to get a loan, encourage defaulting, and more importantly, lead to the… Continue

This afternoon, the House voted 403-12 in favor of extending the first-time homebuyer tax credit through April 30, 2010. Today’s vote was following Wednesday’s 98 to 0 approval of the bill in the Senate.

The bill is now en route to President Obama’s desk, where it may be signed as early as tomorrow (Friday). The Dodd-Lieberman-Isakson amendment inclu… Continue

That's a trickier question than you might assume, according to new research from the University of Chicago's Booth School of Business and Northwestern University's Kellogg School of Management.

The study found that 26% of the record numbers of home mortgage defaults across the country are "strategic" -- that is, calculated economic decisions to bail out of loans by owners who actually have the money to make the payments but can't handle the negative equity they're carrying caused by local prope… Continue

In an article issued by the Nevada Supreme Court website:

"The first two mediations under the landmark Nevada Foreclosure Mediation Program (FMP) have been scheduled for September 14.

One of the program’s newly appointed mediators has scheduled the mediations to kick off the program that was created by the Nevada Legislature to help keep financially struggling Nevada residents in their homes. Both mediations involve homes in Las Vegas.

Under the FMP rules, mediators who are assigned… Continue

Per CNNMoney.com, the goverment just set up a new website to help homeowner's get more information regarding the new plan to help stop foreclosures. The banks admitted they were not ready to start the process to help over 9 million homeowner's stay in their homes but this will help answer questions while we all our waiting for the banks to get set up and get the ball rolling on this. Citigroup, Bank of America, Wells Fargo, and Chase have all stated they will participate in this program. There a… Continue