This article states that JP Morgan is now going to have regional centers to work with their customers regarding loan modification and will also halt foreclosure proceedings for approximately 90 days. http://money.cnn.com/2008/10/31/news/companies/jpmorgan_mortgage.ap/index.htm?postversion=2008103114, which is good news for homeowners who are in adjustable rate mortgages and doing what they can to keep their homes.
In the Denver Metro area we are fortunate that home values did not skyrocket during the boom times and that most areas are seeing values staying pretty steady.
There are several organizations that are helping people keep their home and refinancing out of an adjustable rate to a coventional loan. There are several FHA backed home loans that are available as well.
If you haven't made a payment on your mortgage and wondering what is going to happen - now is the time to contact your bank and financial institution to see how you can resolve it so that your home is not lost. The bank doesn't want to own any more properties and are working with people on several different options.