It was an ugly headline, even by the standards of the mortgage crisis:

• “US foreclosure filings surge 53 percent in June“

Looking a little closer though, it turns out the numbers aren’t nearly as bad as that Associated Press headline would suggest. Another example of the media piling on with a negative spin was a story suggesting that loan modification programs were simply extending mortgage pain.

Meanwhile, there were two positive signs for the mortgage market:

• Mortgage application activity rose for the second consecutive week
• Mortgage rates eased a bit in early July, after rising significantly in June

In large part, the conclusion drawn from the above depends on whether one is taking a forward-looking or backward-looking view of the market.

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You may be loosing your house, but there is a resolution. The newest plan is to “reach out to borrowers” and give them the information they need to save their houses. The goal is to let borrowers know what programs are out there that may help them keep their homes. But are the homeowners who are embarrassed by the fact that they can’t pay their mortgage going to bite?

For more on this:
Operation HOPE Mortgage Crisis Initiative Gets Boost From Neighborworks America
Jack O’Connell and Jean Chatzky: Combating California’s financial literacy crisis
Foreclosure aid plan outlined

Resources:
Avoid Foreclosure with a Forbearance Mortgage
How to Protect Yourself From Mortgage Defaults