According to the Los Angeles Times there just might be some hope for those facing foreclosure of their homes. It appears that senate leaders may have reached an agreement on a voluntary mortgage rescue program.

What does that mean for struggling homeowners? It seems that the proposal is looking to provide up to $300 billion dollars in federal guarantees through the Federal Housing Administration. The goal is to help homeowners that have been unable to obtaining refinancing actually be able to put financing in place thanks to the FHA guarantee program.

How that program will actually function is still not clear and in traditional government style this is still a wait and see game since the details haven’t been ironed out and some of the ideas being thrown around can only be described as preposterous.  

It seems there may too little too late. Whether the plan comes into place in time still remains to be seen, but for those on the brink of loosing their homes the details from the deal that was struck can’t come soon enough. The question is whether struggling homeowners facing foreclosure will be able to hold on long enough until a rescue line can drag them back into safe waters.