You have probably noticed advertisements all over the Internet and television for “Obama’s Refinance Plan.”  Some of these ads are for companies that want to help you decipher the information while some of the ads are for companies who can actually complete the entire refinance process with you.  Either way, it might be wise to contact these companies and see what they can do for you because there is no worse financial situation than going through a foreclosure.  It will take you over a decade to recover from your home being foreclosed.

Mortgage assistance is out there for you but it is totally up to you to take the initiative and go get it.  There are several companies that are willing to help you so it would not hurt to at least give them a phone call!

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Another major breakthrough that was created by the mortgage blog was the exposure of bad lending practices and companies that were imploding during the subprime mortgage crisis.  It seemed at one point that we all asked the question, “Who is the next mortgage lender to go under?”  Well, those questions were answered as the blogosphere had many connections inside the corporations that had made horrible decisions and paid for it.

My personal favorite feature of mortgage blogs is the opinion that is allowed to roam free.  There are many social networks that encourage this such as Reddit or Propeller.  No matter how great of an article I write, there is always critiscism on these sites and that is good!  I will never claim to be the best writer or the most knowledgable individual when it comes to the mortgage market.  I do have experience and I like to state my opinion which some people do not like.  The good thing about it is the fact that I can state that opinion and my voice is heard in one way or another; even if that voice is squeeky and a little bit inaccurate.

There are some great mortgage blogs that I read on a daily basis to get a lot of my information and statistics.  Those blogs include:

Mortgage Lender Implode-O-Meter

Option Armageddon

Mr. Mortgage’s Blog

Calculated Risk

Zero Hedge

Huffington Post

Housing Bubble Burst

You may say that most of these blogs are extremely negative on the current real estate and housing market.  Well, that is true, but open your eyes and realize that is the truth!  Since the housing market started falling apart, these blogs were on top of it the whole way down.  Unfortunately, the downward movement still has a long way to go in my eyes.

I also get a ton of information from the Bureau of Labor Statistics as most of you know I am very interested in the direction of unemployment.  While many people feel that unemployment lags the economy, I actually think it is a predictor of the economy, stock market and housing market.  It makes sense that if people have jobs and are making money, they are likely to sink it back into the economy of invest it in real estate or the stock market.  If they do not have a job, they either have no money to spend or they are saving every penny they earned because they do not have a steady income.  Ultimately, we will not see the bottom of this housing market until the jobs start coming back.

I know President Obama is creating thousands of government jobs but those are not the type of jobs this country needs right now.  We need private industry jobs that create wealth for shareholders and private investors.  When we see those jobs start to increase, it is possible that we will be out of this mess, but until then, the mortgage blogs will continue to ramble on about the struggling economy.