There is finally some good news for you or anyone you know facing the threat of foreclosure.

A new program designed by Congress called Hope for Homeowners which will help homeowners at risk for loan default and/or foreclosure launches today and will run through September 30, 2011.

The program will be voluntary for lenders but will involve mortgage companies assessing homeowners to determine how eligible they are to take part in the program. Lenders may work out repayment plans with homeowners that will allow for deferred or rescheduled payments so borrowers can catch up on payments and become current on their loans. Lenders may also opt to perform loan modifications that may involve interest rate reductions, forgiveness on part of the principal and/or an extension of the loan's maturity date.

The program is expected to help 400,000 homeowners avoid foreclosure.

Click here to read the article in its entirety.

The reality of allowing homeowners to take advantage of these types of programs is that it seems to be a band-aid fix to their problems. I'm a big proponent of lenders holding borrowers accountable for at least some of the issues at hand.

Lenders should make financial counseling mandatory for anyone using Hope for Homeowners or FHA Secure. Giving their time and learning about financial responsibility is the least homeowners can do while their mortgage company, in many cases, takes on the larger financial burden.

I also believe that the housing meltdown and credit crunch are partially due to uneducated homebuyers (I'm not placing blame here). While predatory lending is partly to blame for our current state, there's also something to be said for personal accountability.

There's an old saying in the real estate industry that goes like this.... "Let the Buyer beware..."

Enough said.