In some larger cities Freddie Mac (and maybe Fannie Mae) has teamed up with local housing groups and/or legal assistance organizations to form foreclosure avoidance projects. Where these are available community based housing organizations will be aware of them.
There are now a few funds out there to help people in precarious situations with their mortgages. NeighborWorks or local community housing organizations may be able to plug you in.
If you think your problems are the result of predatory lending practices or a fraudulent loan get in touch with the state consumer protection agency (call your state attorney general or secretary of state.)
How will you know?
1. Houses are selling faster than they used to
Generally, if the average house is selling in less than a month, it's a seller's market. By 90 days it may be a buyer's ball game.
2. Realtors are feeling better
3. Sellers are acting less desperate
All this should give you a hint, says Sacramento broker Elizabeth Weintraub. "If you're seeing no decrease in FOR SALE signs, balloons and banners and OPEN HOUSE signs, and the SOLD signs aren't popping up right away, that's pretty much telling you it's still a buyer's market."
State Existing-Home Sales
NAR releases statistics on state-by-state existing-home sales and metropolitan area median home prices each quarter. The state existing-home sales report includes single-family houses, condos and co-ops. The price report reflects sales prices of existing single-family homes by metropolitan statistical area (MSA)