Did you know, 1 in 4 homeowners are having trouble paying their mortgage, but want to stay in their homes? You probably know someone personally in this situation, well Fannie Mae’s website KnowYourOptions.com provides information for homeowners who recognize that they can no longer afford their mortgages, but want to avoid having a foreclosure on their credit history. The site provides information on alternatives including refinancing, repayment plans, modifications, and short sales. The service is completely free and I checked it out and looks very simple to use. If you want more info, click on the link above.

Despite a story I reported a few weeks ago, it turns out that your mortgage lender will not have to pull a second credit report on you before closing on your home purchase or refinance.  Fannie Mae now says they expect borrowers to come clean though about any debt they have incurred since submitting their loan application. They state that instead of a new credit report, loan officers can use other techniques to verify that you haven’t applied for new credit that might make it more difficult for you to afford your monthly mortgage payments.

Just when you thought the housing market was finally being left to correct on its own, there’s some talk regarding yet another possible home buyer tax credit. HUD Secretary Shaun Donovan, said it’s “too early to say,” regarding a new credit. Listen folks don’t hold your breath about this and don’t let the rumor keep you from taking advantage of the low home prices and these low rates available right now, because they won’t last forever. That’s your news this week. I love hearing from you, so go ahead and write your comments below, and please share this video with all your friends. Enjoy the labor day weekend, I’ll see you next time.