The government stimulus plan – meant to generate or save as many as 3.5 million jobs – is separate from the Obama administration’s efforts to stop housing foreclosures on primary residences. But in fact, the two work toward a common goal of stopping the economic slide. And just as important, they both have a lot to do with keeping people in the homes they bought in good faith, expecting to own for years to come.

It comes together in home modification loans. Anyone with a job, but facing difficulty with keeping up mortgage payments and not eligible in the government program directed at stopping foreclosures, can recast the terms of their loan privately. This is because a private, third party of experts can be hired for a nominal fee by the homeowner to work out better mortgage terms with their bank. For example, if your mortgage was an ARM and the monthly payments have shot up beyond your ability to pay even with employment, the loan modification company can engage in loss mitigation negotiations with your bank to stop foreclosure from happening.

Why? Your bank does not want to own your house. Your bank would rather you own it, you take care of it, and when the time is right, you sell it at a profit that enables you to pay off your loan (and, ideally, pocket appreciated value). In time, you should be able to do that. That’s why loan modification firms made up of lawyers, bank specialists and financing professionals are a smart hire (cost: about $300 or slightly more per loan) for anyone who otherwise might lose many thousands in a foreclosure.