There's new hope for those who are behind on their mortgages and either want to stay in their homes or do a short sale. As Clark told you months ago, a collective of the nation's largest lenders are pushing The Hope Now initiative.

The lenders' interests are purely monetary as they face a critical mass of some 2 million potential foreclosures. The reality is that lenders don't want you out on the street because it's expensive for them and they're notoriously bad property managers. Under the voluntary Hope Now program, participating lenders will help you to do a short sale or get a loan modification.

By the end of July, participating lenders will be required to confirm receipt of your request for either option within 5 business days. Then they'll have 6 weeks to accept or decline your request. This is a major change because it puts a timeline on the procedure for the first time.

The biggest beneficiary here will be your fellow neighbors. Their home values won't automatically plummet with your foreclosure, now that there are more options available to you. Keep in mind that home values decline about 1% for every foreclosure in a neighborhood.

The other beneficiary is the bank. They lose a minimum of about $70K on every foreclosure. That's why they're willing to do these workouts. For you as borrower, the benefits are obvious. But the big unknown is how it will all work for people who have 2 loans on a home.

One thing Clark doesn't want to see is a Congressional bailout for the mortgage lenders, which may be disguised as being in the best interest of homeowners.