Under the foreclosure prevention program, home owners have the right to meet with their lenders to try to restructure their loan.

VOA: standard.2010.02.17

Phoenix housing officials hope to help about 900 home buyers before the loan program ends in October 2010.

CNN: Patience needed for housing loan program, home buyer finds

Or ask your bank about your eligibility for a loan workout under the federal Making Home Affordable Program.

WSJ: Will the Lender Cancel My Loan?

At the other end of the spectrum, an acquaintance who has 50% equity in her modest home and a good credit record has applied under a government home affordability program to refinance her interest-only loan, due to reset in two years.

FORBES: An Entrepreneurial Fix To The Foreclosure Mess