Western Wisconsin Real Estate News
- Wisconsin Home Sales Up in Third Quarter as Median Prices Moderate
- Will the $8,000 First (New) Home Buyer Tax Credit in the 2009 Stimulus Package be Extended into 2010 and Increased to $15,000?
- "Foreclosure Mediation, Relief for the 'Little Guy'"
- Curb Appeal Matters Now More Than Ever, Say Realtors®
- Improvement Coming to Buyer Tax Credit?
- 30-Year Fixed Rate Falls to at Least a 37-Year Low
- "Area Economy Could Start to Rebound in Spring, Experts Say" Shawano Leader (01/11/09) Thornton, Dennis
Minnesota Attorney General Lori Swanson has proposed a plan to help struggling homeowners avoid foreclosure by renegotiating mortgage terms. Under the Homeowner Lender Mediation Act, lenders would inform borrowers of their right to mediation before initiating foreclosure, and foreclosures would be delayed for three months if borrowers respond within two weeks of the notification indicating that they would like to renegotiate their loan terms. Mediation must occur within 20 days of the renegotiation request, and lenders and borrowers could discuss such strategies as reducing interest rates, forgiving a portion of the principal, or extending the length of the loan. Articalcourtesy of NAR