Our ever astute congress (pun intended) continues with politicizing the foreclosure mess. Several bills have passed the house and are awaiting action from the senate, including bills by Congressmen(women) Waters and Frank. Both are doubtful for passage in the senate. What is in place and is helping people in trouble is what is called FHASecure. In this bill, if the lender will adjust the mortgage owed to match the current value of the home, then FHA will give a new secured loan to the owners. In many cases this writedown by the lender would be less than would recover by foreclosing on the property and the loan would then be secured by our good 'ole goverment. Their payment would be reduced by as much as $400 a month enabling them to stay in their homes. Not a bad deal if you can qualify. But qualifying is the trick. You have to be late on 3 consecutive payments or 3 late payments over the last 12 months. More late payments and you don't qualify, less and you may not qualify. Another mess on top of a mess, lol.