Lots of articles, lots of talk about the bailout - are you still confused as to whether you are eligible for help?
Here is a quick summary for your reference.
FHA Plan (This applies if you have FHA financing through any number of lenders) Lenders will modify interest rates or forgive a portion of your principal, to bring the ratio of mortgage payments (including HOA dues) to 38% of your income.
To be eligible you must:
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Have a loan on a primary residence that was made before Jan. 1, 2008.
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Contact loan servicers and cooperate on supplying need information.
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Be at least 90 days behind on payments.
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Not have filed for bankruptcy protection.
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Certify that a hardship, such as job loss or illness, has affected your ability to repay
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Certify that you did not purposely default to get a loan modification.
CitiBank - They are projecting to rework approximately 130,000 loans. You are eligible for consideration if your mortgage related payments exceed 40% of your income. They are calling loan holders in targeted areas of the country, but Washington isn't one of them so you will need to call them to see if you can be considered.
JP Morgan Chase (owns all of the WaMu loans now)
There loan modification efforts are targeted at option ARMs that are accumulating interest, which will be replaced with fixed-rate loans that are more stable for borrowers and seen as far less likely to default. J.P. Morgan said it wouldn't begin the foreclosure process on borrowers during the next 90 days, as it opens loan-counseling centers and takes other steps to launch the program.
Wachovia Corp.
Has initiated a loan-refinancing program targeted at option Arms from the loans it acquired as part of its purchase/takeover of Golden West Financial Corp and Wells Fargo & Co.
Bank of America
They have two loan-modification pools targets 265,000 borrowers with all types of mortgages. The other was hashed out with 14 state attorneys generals and involves 400,000 subprime and option-ARM customers serviced by the big lender Countrywide Financial Corp., which Bank of America purchased July 1.
What options do you have if you are having trouble making your payments - but you don't qualify per the above?
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Hope for Homeowners- This program provides, new 30-year fixed rate mortgages that are FHA insured - which means you might be able to refinance into a more affordable mortgage). To be eligible for this the home must be your primary residence (and you don't have a 2nd home/investment property), you loan was originated before 1/1/08 and you have made at least 6 payments, you are not able to pay your existing mortgage without help, your total mortgage payments are more than 31% of your monthly income, an you certify that you haven't been convicted of fraud in the past 10 years or provide false information to get the loan in the first place. Hope for Homeowner Website
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Credit Counseling - There are a variety of agencies out there that can help walk you through the options specific to you.
The Department of Housing & Urband Development Approved Credit Counseling Agencies in Washington (free or low cost)
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Talk to your Loan Servicer - Call the number on your statement and find out who owns your loan. Then call the lender directly. They are much more likely to talk to you right now.
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Short Sale - This is where the lender agrees to take less than the balance of the loan to avoid foreclosure. In order to be successful with this, it is critical that you work with an agent who has an experienced team to deal with this. (I work with Washington Property Solutions). Generally lenders are only willing to do short sales on primary residences - not 2nd homes & investments.
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Deed in lieu of Foreclosure - Talk to your lender - this is where you transfer title in return for the cancellation of your debt. Although you lose what equity you might have, it isn't as damaging on your credit as foreclosure.
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Bankruptcy - When all else fails, this is something to consider.
If you think you need help Do Not Wait!
If a loan is modified prior to it becoming delinquent, it will be counted as current and so it shouldn't affect your credit rating.
by Michelle Blue
Your Guide to Woodinville Real Estate, Neighborhoods & Community
www.MichelleBlue.com
You can move into your dream home before New Years! 
This quote comes from Warren Buffet in a recent 
