The race to rescue the national housing market is heating up. And it appears that Republicans and Democrats alike agree that action must be taken, but, of course, have different ideas of how it should be accomplished.

New York Times today has a report that indicates three different plans are afoot. Here is the very general description of each:

“Senate Republicans are seeking new tax breaks and up to $300 billion in mortgage subsidies to attract homebuyers. Democrats want to spend at least $50 billion on federal programs aimed at reducing mortgage foreclosures. The Obama administration is hammering out its own plan to spend $50 billion to $100 billion to prevent home foreclosures.”

This is all tied to the now infamous $700 billion “bailout plan” that went into effect in late 2008 to resuscitate a national financial system that was on life support. The first round of funds ($350 billion) was essentially earmarked to help nine of the largest major banks in the United States, as well as two of the top automakers with corporate operations stateside (General Motors and Chrysler).

Not a penny went to assist struggling homeowners, which was alarming because so many of them were falling into foreclosure situations.

That decision was met with public outcry about how the money was being spent.

Now the new Barack Obama-led administration is charged with ensuring that a solution can be agreed upon that keeps people in their homes and motivates buyers to start buy again. Sooner rather than later, hopefully.

In the meantime, if you’re having trouble meeting your monthly mortgage obligations click here. We’ll connect you someone who can help.

“The Garden State” is taking a $40 million step to help its distressed homeowners, enacting two bills that are designed to help assist those who are facing foreclosure.

New Jersey Governor Jon Corzine today signed the legislation into law, which earmarks $25 million for a program that allows cash-strapped homeowners to refinance their first mortgages, as well as another $15 million to help those who have already lost their homes to default remain in them as tenants in “rent-to-own”-type situations.

Here is what Corzine had to say about the initiatives (via Newsday.com):

“[this is] the single worst economic challenge this country has faced in the last 150 years, except the Depression. … We are proactively putting in place actions on housing stabilization that are unequaled across the country as far as I could see.”

In addition, the state will introduce a mediation program that provides those feeling the foreclosure pinch with access to counselors and lawyers to help them avoid foreclosure situations at no cost.

For more information on these foreclosure programs in New Jersey, as well as to seek assistance or determine if you are eligible, click here.

New Mexico is the latest state to implement a free foreclosure hotline for residents who are in danger of losing their homes, according to KRQE.com.

The Association of Community Organizations for Reform Now (ACORN) — the largest community organization of low and moderate income families in the United States –is spearheading the initiative.

With more than 1,700 active foreclosures in 2006 (according to Foreclosure.com) — and bad subprime mortgage loans possibly exacerbating the situation — ACORN wants to ensure that families in New Mexico get all the necessary help to save their homes from bank repossession.

Here’s a snip from an ACORN spokesperson:

“We have home-loan counselors. They will sit and talk with you about your mortgage, what you can pay, what is reasonable for you to pay and still maintain your other bills, feed your family. They will go represent you to the lender and say this is what we have, this is what we can do, will you work with us?”

New Mexico homeowners facing foreclosure should take advantage of this resource as soon as possible — it’s FREE foreclosure assistance.

Contact a counselor toll-free at the New Mexico foreclosure hotline at 866-67-ACORN (866-672-2676).

With about 4,743 active foreclosures on its books in March 2007, Colorado is near the top of the national list when it comes to homeowners defaulting on their mortgages.

To help distressed homeowners in the Centennial State keep their homes, the Colorado Division of Housing established a foreclosure hotline in December 2006 that offers free advice and counseling.

And, according to a recent article from the Denver Business Journal, at least four out of five people who have called [the hotline] over the past five months have avoided foreclosure.

Here’s a snip:

“Specifically, 7 percent of callers who received counseling later lost their homes to foreclosure. Another 12 percent may have lost their homes, but this group includes people in bankruptcy, people who could not later be located, and people who later chose to work with for-profit foreclosure consultants, officials said.

Twenty-two percent of callers sold their home before foreclosure, 15 percent initiated a repayment plan, 13 percent modified their mortgage, 6 percent brought their mortgage current and 5 percent deeded the property to the lender.”

The Colorado foreclosure hotline, which connects nonprofit counseling agencies across Colorado to callers trying to avoid foreclosure, can be reached at 1-877-601-HOPE.

With 8,940 active foreclosures, the fifth highest total among the 50 states, the Ohio Department of Development has set aside $1 million to prevent foreclosures.

Loans are available on a first-come-first-served basis through the Columbus Housing Partnership and 11 other nonprofit agencies participating in the Ohio Foreclosure Prevention Initiative, according to the Columbus Business Journal.

The Columbus Housing Partnership Web site states that the private, nonprofit organization, provides quality, affordable housing and related services to low to moderate income households in Columbus and the surrounding area.