The president’s homeowner bailout comes at a critical time for the nation’s homeowners and economy overall. More than $275 billion will help a lot of people hold onto their homes, and the economy overall will benefit.

But not everyone is eligible for these loans. A number of criteria need to be met – in part because your loan has to be in the Freddie Mac or Fannie Mae portfolio, beyond the control of virtually anyone who’s received a mortgage in the past twenty years – which leaves many borrowers in the dark.

But there are other options for other homeowners. The key fact is banks do not, not, want to foreclose on any properties. It costs them money. They get stuck with a house to maintain and sell — in a tough market. They lose a customer they hoped to have for 15, 20 or 30 years.

Loan modification is the route for anyone suffering an adjustable ARM or other loan terms that are unaffordable. And because navigating the details with harried loan officers is daunting to most people, loan modification specialists are rising up to help. They are legal, financing and real estate specialists who deal with the banks on behalf of homeowners, for a fee (around $300-500), to achieve better loan terms. Already, thousands of families have found ways to stay in their homes with a recast loan through loan modification consultants.

Key point to consider: make sure your loan modification firm does not charge a fee without predicting a high degree of certainty that they can get you better terms. Reputable firms know the conditions that must be met by most banks. A preliminary review of your case will tell them what their chances for success will be. It is possible to stop foreclosure, even if it’s already in process through this approach.