Facing Foreclosure? There's Hope for Homeowners

Though it's not $700 billion, homeowners will get somewhat of a bailout. The Hope for Homeowners program, which is expected to save an estimated 400,000 homeowners from foreclosure, went into effect on October 1, 2008.

Qualified homeowners can work with their lenders and the Federal Housing Authority to make their mortgages more affordable. It's not just a short term fixed. If you get a refinance your mortgage under the Hope for Homeowners program, you can expect to have the same interest rate and same monthly payment for the duration of your mortgage. No sneaky interest rate hikes that suddenly make your mortgage unaffordable.

The Hope for Homeowners Program tells you how to qualify and how to apply for benefits under the program.