Homeowners that have found themselves facing foreclosure can rejoice. According to a news release today, it seems that the main mortgage lenders have put their heads together and come up with a plan.

It actually all began last October when government was encouraging lenders to work something out that would help those facing foreclosure avoid it. The program was named “HOPE NOW.”

It seems we’ll have to wait until tomorrow to find out just what the guidelines are going to be. After all, the devils in the details. However, so far, it appears very promising.

Changing payments schedules is often all it takes to bring the difference between foreclosure and holding onto their homes. This new strategy is going to benefit homeowners but it’s also going to benefit the lending institute who are finding themselves sitting on far too many foreclosed homes in a market that’s slumped.

Whether this plan would have come together without the pressure from the US Treasury Department is doubtful. And as much as we’d like to blame the government for this mess, it’s really been a combination of factors including lenders who were not being very responsible in their lending practices. I mean lenders have been writing mortgage agreements for a very long time so it’s not like they couldn’t have foreseen where their “far too generous” mortgages would actually come back to hurt homeowners.

Homeowners that are facing foreclosure should take a deep breath and hang in there just a little longer. It looks like help really is on the way and that you could be able to work out a payment plan that works for you and your lender.