Plenty. On August 31, 2007, the President's press secretary announced the President's three steps to help American Families keep their homes:

1. A call on Congress to pass FHA (Federal Housing Administration) Modernization Legislation. This would expand FHA financing and give homeowners more options for refinancing their existing mortgages with federally insured mortgages. A new initiative called FHASecure would help people with good credit who have had trouble making their payments because their interest rates have adjusted higher.

2. A call on Congress to change a provision of the Federal Tax Code so families who are forced to sell their homes for less than what the home is worth are not published. Prior to this change, if a family sold its home for $20,000 less than what's required to pay off the mortgage and the lender forgives that $20,000 shortfall, then that $20,000 would be treated as taxable income. The President's proposal would provide temporary relief, so that the cancellation of mortgage debt would not be taxed.

3. A new foreclosure initiative to assist homeowners in refinancing their way out of foreclosure. The administration is reaching out to groups that offer foreclosure counseling and refinancing, including organizations like NeighborWorks, mortgage lenders and loan servicers, FHA, and government-sponsored enterprises like Fannie Mae and Freddie Mac. This initiative has several goals, including expanding mortgage financing options, identifying homeowners before they face hardships, helping them understand their financing options, and allowing them to find a mortgage product that works for them.

In addition to helping homeowners who are currently having trouble making their monthly mortgage payments, the President is seeking ways to prevent a similar mortgage meltdown in the future. Following are some of the initiatives that are currently being discussed:

• Expanding Truth-In-Lending requirements to ensure borrowers receive complete and accurate information about their mortgages.

• Strengthen mortgage lending standards to prevent lenders from approving loans that consumers cannot afford.

• Implement new rules to make it easier for consumers to comparison shop for loans.

• Support state-based efforts to create comprehensive registration systems for mortgage brokers and loan originators.

• Pursue fraud and predatory lending practices in the mortgage industry.

• Promote financial literacy by educating the public on issues related to mortgage loans.

• Support the efforts of public and private sector groups that are promoting financial literacy and providing foreclosure counseling.

• Explore the possible causes of the mortgage meltdown to prevent it from recurring in the future.

If you're having trouble making your mortgage payments or are worried that you will have trouble making your mortgage payments, take action now:

• Contact your lender immediately to discuss your options.

• Visit HUD.gov or MyMoneyManagement.net to find a HUD (Housing and Urban Development) and DOJ (Department of Justice) approved credit counselor.

The sooner you take action, the more options you have and the more time you have to explore those options.

Published: November 9, 2007

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Ralph R. Roberts, CRS, GRI is an award-winning and internationally recognized real estate agent, author, coach, and speaker. Throughout his career, Ralph has proven his commitment to helping other real estate and sales professionals build upon their past and present success, grow and expand their businesses, and provide a rich and rewarding future for themselves, their customers, their employees, and their families. As president and CEO of Ralph Roberts Realty, Ralph has personally helped thousands of consumers realize their dream of homeownership. While selling over 10,000 homes (and buying and selling over 3,000 investment properties) throughout his 30-year career, Ralph has made the time to mentor and coach hundreds of professionals in real estate, sales, and a host of other fields. Ralph is a recognized authority on Real Estate and Mortgage Fraud; Residential Real Estate; Personal Salesmanship; Sales Force and Office Management, Motivation, Design, and Team Building; and Foreclosure Self-Defense and Loan Modification, fields in which he has demonstrated his commitment to preserving the American Dream of Homeownership. Ralph's numerous websites, blogs, seminars, and speaking engagements engage, entertain, and educate both consumers and professionals. Ralph is also an accomplished author with several successful titles to his credit, including: Power Teams: The Complete Guide to Building and Managing a Winning Real Estate Agent Team Financing Real Estate Investments For Dummies (John Wiley & Sons) Mortgage Myths: 77 Secrets That Will Save You Thousands on Home Financing (John Wiley & Sons) Foreclosure Self-Defense For Dummies (John Wiley & Sons) Protect Yourself from Real Estate and Mortgage Fraud: Preserving the American Dream of Homeownership (Kaplan) Foreclosure Investing For Dummies (John Wiley & Sons) Foreclosure Myths: 77 Secrets to Saving Thousands on Distressed Properties (John Wiley & Sons) Advanced Selling For Dummies (John Wiley & Sons) Flipping Houses For Dummies 52 Weeks of Sales Success (John Wiley & Sons) Walk Like a Giant, Sell Like a Madman (John Wiley & Sons) Cross-Cultural Selling For Dummies (John Wiley & Sons) To learn more about Ralph, visit AboutRalph.com, check out his daily insights on real estate and mortgage fraud prevention at FlippingFrenzy.com, or visit his latest blog dedicated to helping distressed homeowners fight foreclosure, KeepMyHouse.com. You can reach Ralph at or by calling (586) 751-0000.