How would you all like some positive news for a change? Have you grown tired of hearing nothing but home values declining, foreclosures rising, people getting kicked out of their homes, and millions in losses for the two mortgage companies? Are you itching to take a break from all this negative stuff?

Brace yourselves, because by the end of the year, an estimated 500,000 families will be able to save their homes from foreclosure through the efforts of the U.S. Department of Housing and Urban Development (HUD).

In a span of one year, the government has effectively provided remedies for the housing situation, which is still suffering some difficulties. About 300,000 families have already saved their homes by refinancing into more affordable mortgages, according to HUD Secretary Steve Preston. And that doesn’t end there. Several housing assistance measures are set to provide breathing room for more troubled homeowners.

Housing and Economy Recovery Act

Last month, President Bush ended weeks-long deliberations on how to provide solutions for the tormented housing situation by signing into law the Housing and Economy Recovery Act. Its provisions will provide mortgage assistance, incentives for homebuyers, tax deductions, increased loan limits, veteran assistance, community redevelopment grant, new Fannie Mae and Freddie Mac regulator, and financial backup for the two mortgage companies.

FHASecure

This was an initiative launched by the president in August 2007. It allows the Federal Housing Administration (FHA) help low-income families, even minorities, with good credit histories but are experiencing difficulties in keeping up with payments to avoid foreclosure by refinancing to more affordable mortgages. In July of this year, FHA expanded the program to help those with adjustable rate mortgages who can’t afford and missed out on three monthly payments over the past 12 months.

Temporary increase in loan limits

From March to December this year, FHA temporarily raised the amount homeowners can borrow to help them buy or refinance to more affordable prices. The new limits range from $271,050 to $729,750.

Increased housing funds

Since 2001, HUD’s funds for 2,300 approved housing counseling agencies increased by 150 percent. For 2008, counselors got an approved $50 million while $180 million was given to a non-profit group (NeighborWorks) that helps prevent foreclosure. Another $65 million is requested for next year’s budget.

Secretary Preston recognizes the crucial role of the government in making all these programs feasible, and regards them as “a safety net for hundreds of thousands of families in need of affordable home loans.”

A wide variety of government grants is available to help you take care of all your financial worries like food, utility, and mortgage payments. Simply fill up the boxes located at the homepage to find out what government programs you may qualify for.