With all of the talk of new government programs to help homeowners in foreclosure, such as Hope Now and Project Lifeline, slightly more people in danger of losing their homes may have an extra option. At the very least, media coverage of these programs may inform more owners that it would be best to contact their mortgage companies in order to attempt to work out a solution. But for those who have already lost their homes to foreclosure, in some cases months ago, there will be no consolation prize to be found in these programs to help them regain their previous properties.

Unfortunately, the people who have lost their homes, either due to poor lending guidelines, financial hardships, or otherwise, are simply out of luck with all of these government programs to help in the foreclosure crisis. However, they did contribute to the rise of these programs in at least one significant manner: it took all those people losing their homes to persuade Congress that foreclosures were becoming such a large issue that they needed to be addressed in some manner. Of course, it took legislators an additional six months to get around to doing anything and creating these plans, which helped push even more homeowners into foreclosure.

But it would not be a good idea for any homeowner currently or previously facing foreclosure to put too much faith in these government-sponsored plans. They involve only the largest banks in the country voluntarily helping out homeowners behind on their payments to create mortgage modifications or establish repayment plans to stop foreclosure. Not all mortgage companies are involved, which makes these programs much less effective, and the lenders that are participating can already voluntarily help put together payment plans or modify loan terms, hold off on a sheriff sale, or freeze the foreclosure process for a month or more.

Being a part of one government plan or another will not dramatically alter the ways that they do business, and only the press coverage of these programs will help inform homeowners of their existence. For instance, most mortgage companies have a foreclosure or loss mitigation department already; the problem is that homeowners are simply not aware of their existence and do not utilize the resources the bank offers. Many end up selling, refinancing, or giving up on their homes, rather than attempting to qualify for a solution through the loss mitigation department at the bank.

Thus, the government programs are not adding anything really new or devising creative solutions to any part of the foreclosure crisis, which makes the plans more a public relations stunt than anything. Homeowners who are unable to work with their banks now or do not qualify for a workout program will not find any additional help from the government programs than they could have found in their absence.

The best bet is that, if homeowners lost their property before the government programs were created, nothing in the programs will help them get their houses back after they have been foreclosed. Of course, there are numerous ways to regain a house after foreclosure, but they have nothing to do with the current plans put forth. In fact, homeowners who have already gone through foreclosure without the benefits of these government-sponsored solutions most likely would have lost the home even with the programs. They are voluntary for the lenders and not all lenders are involved in the programs and lenders can already do everything in the programs without government intervention.

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