Making the news today include Michigan’s loan modification issues, Montana’s mini refinance boom and New Yorkers getting the much need mortgage help that they need.

As home values continue to decline in Michigan many homeowners are hoping that the new stimulus package will help them keep their homes. Even with mortgage rates on the decline many homeowners just do not have enough, if any, equity left in their homes to refinance into a payment that is affordable or out of an adjustable rate mortgage.

Homeowners in Michigan are urged to contact their lenders immediately if they have exhausted all other possibilities to try and save their homes. “Project Lifeline” was initiated by the government early today and could buy many Michigan homeowners another 30 days to find a way out of foreclosure.

Montana, on the other hand, is in very good shape as home values have continued to increase despite the U.S. mortgage meltdown. With mortgage rates the lowest they have been in years many homeowners are taking this opportunity to refinance out of adjustable rate mortgage and lower their monthly liabilities substantially.

New York homeowners have heeded the government backed relief programs to avoid further delinquencies and foreclosure. Loan modifications and repayment plans in New York have been increasingly steadily thanks to the “New Hope” relief program initiated a few months back. With the “Project Lifeline” relief program now in effect many New Yorkers may be able to avoid an inevitable foreclosure.