The Bush administration unveiled additional mortgage assistance for homeowners at risk of foreclosure. Called the "HOPE for Homeowners Program", this program will help borrowers refinance into a new loan insured by FHA. Qualifications are many and requires the participation of all current lenders. If you qualify, you can get into an 30 yr fixed rate mortgage to replace you ARM. The details are too much to cover here but you can google it to get more info. Any help for the homeowner is certainly appreciated.