More choices are becoming available for homeowners struggling to keep up with housing payments. The new housing bill is just one of them. There are quite a few requirements, but don't be discouraged if you don't qualify.
In the new housing rescue bill, according to the CNN Money article "lenders holding the original mortgage have to agree to rework a given loan before things can get started" which is similar to most other available solutions in that the mortgage holder is making the decisions. If a homeowner doesn't qualify, and wants to keep the home, there are private companies emerging that offer similar re-negotiation and mortgage restructuring plans. I'll be meeting with one such company this week and will post more information as it becomes available. I think the challenge will be sorting out the legitimate companies that can really help from the ones set up to scam already troubled homeowners.
There is also the option of selling the home and negotiating a short sale with the current mortgage holder.