Which Americans can qualify for housing help?

Two great questions. More questions and answers from USA Today here: http://www.usatoday.com/money/economy/housing/2009-03-04-housing-questions-answers_N.htm

clipped from www.usatoday.com Q: How would that lower my payments? A: Refinancing could reduce mortgage payments by thousands of dollars per year. For example, consider a family that took a 30-year fixed-rate mortgage of $207,000 with an interest rate of 6.50% on a house worth $260,000 at the time. Today, that family has $200,000 remaining on its mortgage, but the value of that home has fallen 15% to $221,000 — making them ineligible for today's low interest rates. Under the plan, that family could refinance to a rate near 5.16%. That would reduce their annual payments by over $2,300. Q: What if I have a lot of other debt? A: You can still qualify. Specifically, homeowners with total debt payments (which include car loans and credit card debt) equal to 55% or more of their income will be required to agree to enter a federally certified counseling program as a condition for a modification.