The national housing crisis, and the various programs that have been implemented to correct it, have been well documented in the news and elsewhere. So much so that it’s seemingly impossible to escape.

Nothing is “reportedly” working. Not consistently, anyway, to stem the foreclosure tide and help distressed homeowners keep roofs over their heads.

But, alas, there is the story of Deborah Johnson in the Herald Tribune today, which details the “offer she couldn’t refuse” from her mortgage lender, JP Morgan Chase.

Behind on her mortgage for nearly two years, and seemingly headed for foreclosure, Johnson thought she had exhausted all options. But then Chase called her up one day and offered to forgive $100,000 of her debt, as well as give her $35,000 cash, to move out of her Sarasota, Fla., home.

The catch? All she had to do was agree to a short sale and help find a new buyer to live in her four-bedroom Lockwood Lakes home.

With cash in her pocket, credit salvaged and comfort knowing that she would not be pursued by creditors in the future, Johnson accepted the offer and is currently helping the bank show the home, which is on the market for $118,000, to prospective/buyers investors.

So what’s in it for CHASE, or any other lender in a similar situation? Company spokeswoman Nancy Norris explains the reasoning:

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If at first you don’t succeed try and try again.

Still looking for ways to cauterize the nationwide foreclosure crisis, the Barack Obama-led administration today announced another plan aimed at keeping roofs over the heads of unemployed homeowners. The latest effort is available to out-of-work homeowners who have FHA-insured loans, which is about 3,500 borrowers a month, according to the Los Angeles Times.

To put that into more perspective, the report indicates that “only 10% of some 50 million mortgage loans outstanding nationwide are backed by the FHA.”

The good news is that mortgage servicers who participate in the Home Affordable Modification Program (HAMP) will be required “whenever possible” to extend the program to distressed homeowners who qualify for the federal loan modification program, adding about another 1 million or more into the mix.

However, the HAMP candidates who qualify for the year-long forbearance could have the 12 missed payments tacked back onto their mortgage balance once they are on solid financial footing.

The report indicates that several “hurdles” are being lifted to qualify for the program, making it easier for unemployed homeowners to qualify for the assistance.

If you’re unemployed and would like to learn more about this latest foreclosure assistance program and others click here.

Information and acronym overload is just one of many ways to describe all the home-saving programs currently huddled under the federal government’s Making Home Affordable umbrella.

Finding out which program may be best for you, as well as whether or not you qualify for it, can be an overwhelming experience. And if you’re in a tight spot like many of your other neighbors, struggling to meet your monthly mortgage obligations, you’re already probably way past the point of being overwhelmed.

MarketWatch.com has compiled a very helpful list of the various foreclosure, loan modification and short sale programs that are available today.

We’ve shared the most important information below, as well as direct links to the various websites where you can gather more information and request/download all the information you need to remedy your situation as quickly as possible.

Check it out:

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