It’s no secret people are having trouble getting loan modifications through HAMP, the government’s Home Affordable Modification Program. Treasury Secretary Geithner has admitted the effort isn’t reaching the number of people he hoped it would. And a Congressional Oversight Panel issued a report concluding HAMP appears capable of preventing only a fraction of the projected foreclosures anticipated.

Both elected officials and bureaucrats say changes need to be made to HAMP and HARP (the Home Affordable Refinance Program). Help may already be on the way, as Treasury announced they were lifting the limit on funds available to keep Fannie Mae and Freddie Mac solvent for the next three years. Analysts say this blank check would give Fannie and Freddie flexibility to modify more mortgages without worrying about potential losses. This could be good for homeowners with mortgages held by these GSEs (government-sponsored enterprises). And more changes in HAMP eligibility may be coming.

But what do you do if you’ve been turned down under current HAMP rules? Don’t give up! There are several options outside HAMP you can and should explore. These include programs from the VA (U.S. Department of Veterans Affairs) and the USDA (U.S. Department of Agriculture) under their RHDA Rural Development Loan program. Opportunities to refinance FHA (Federal Housing Administration) mortgages have also increased, as Congress recently raised FHA limits. If you’ve bought private mortgage insurance (PMI), you might get help from the insurer. Good luck!