The new government plan might be nice, but you are talking about the property that is on the verge of being foreclosed, right? Did you say Home, or Home(s)? How many do you have?
I think instead of waiting for the government to intervene in this case; which might take a while; you should talk to the Mitigation Department of your specific lender for different options then Foreclosure. One of the options might be Short Sale; which is happening quite frequently now.
My advise in this case is to contact a local Realtor (Florida?) who is experienced in handling this for advise and assitance.
1. A history of on-time mortgage payments before the borrower's teaser rates expired and loans reset .
2. Inteest rates must have or will reset between June 2005 and December 2009.
3. three percent cash or equity in the home.
4. A sustained history of employment.
5. Sufficient income to make the mortgage payment.
Unfortuneately in our area, medium price of $540,000, over 67% of all loans were written above the FHA maximum loan which I believe is $363,000. Even at the Freddie Mac/Fannie Mae max number of $417,0000 we still are out of luck. Also, we had many "Stated" loans were income per month and even job employment verifications were NEVER used!! This program will cover roughly 240,000 borrowers or roughly 10% of the 2+ Million loans they feel might be in trouble. Hey, it's a start!!