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Less than 3 percent of "underwater" borrowers decide that the benefits of a new loan through government program are worth the closing costs.

The Obama administration’s effort to help homeowners avoid foreclosure may not achieve its goal of helping 3 million to 4 million borrowers, a government watchdog group says.

Rates can fall to 2%--if you know how to play the game.

Homeowners who don't want to lose money are renting out their houses rather than selling them. It could be a creative new income stream.

The case of Carrington Mortgage shows how some loan modifications benefit only the lender.

Almost half of U.S. homeowners with a mortgage are likely to owe more than their properties are worth before the housing recession ends, Deutsche Bank AG said.

The Treasury said less than 10% of eligible borrowers have received trial modifications under the White House's effort to help struggling homeowners.

Many mortgage companies are reluctant to give strapped homeowners a break because the companies collect lucrative fees on delinquent loans.

In early 2008, Cheryl Ann Montero, a California mortgage broker, held a series of free seminars in the clubhouse of the Lone Tree Golf Course in Contra Costa County, a suburban area near San Francisco. The attendees, homeowners facing foreclosure, were desperate for a rescue from their woes. Using a PowerPoint presentation, Montero delivered one.

President Barack Obama announced fresh aid to struggling homeowners in California Thursday, playing a bit of divide-and-conquer by pitting his Republican critics in Washington against GOP governors and mayors eager for the federal money.