By MARCIE GEFFNER, bankrate.com

Government agencies have issued repeated loud warnings about a nationwide epidemic of loan-modification and foreclosure-rescue scams. But some homeowners haven't heard these warnings and have fallen victim to especially clever scams.

It's true: A 40-year mortgage can make your monthly house payment more affordable. But mortgage brokers say such long-term loans generally aren't the best choice for most borrowers because they typically come with a higher interest rate and cost more in interest over the lifetime of the loan.

As if a borrower didn't face enough hurdles in the quest for a mortgage modification, now there is another. It's the required "trial period" of the federal government's Home Affordable Modification program, and it may be a feature of other mortgage modifications as well.

Borrowers who can't afford their mortgage payment may want to take a look at the Home Affordable Modification program, which is part of the Obama administration's Making Home Affordable plan.
The Home Affordable Modification program creates a uniform process for loan servicers to modify existing mortgages for homeowners who meet the following two conditions:

Borrowers who can't afford their mortgage payment may want to take a look at the Home Affordable Modification program, which is part of the Obama administration's Making Home Affordable plan.
The Home Affordable Modification program creates a uniform process for loan servicers to modify existing mortgages for homeowners who meet the following two conditions:

The federal government's Home Affordable Refinance program is designed to help homeowners refinance their mortgages -- even if they owe slightly more than the current value of their homes.

If you've been tempted to skip a few mortgage payments to try to convince your lender to modify your loan, you may want to resist that temptation. Whether your goal is to stave off foreclosure or just make your payments more affordable, experts say deliberate delinquency is not as smart an idea as it may seem.
The bottom line is that:

If you're looking for a way to refinance your mortgage, you might want to consider a loan that's backed by the Federal Housing Administration or, if you're a U.S. military veteran, the U.S. Department of Veterans Affairs.

The most fundamental consideration in whether a homeowner should refinance an existing mortgage is the break-even point that represents how soon the cost of the refinance will be recaptured through lower monthly payments. But while the break-even point is easy enough to calculate, other factors may also influence your decision and, if it's a go, the type of loan you'll select.

Homeowners with financial trouble wanting to refinance their mortgages to better rates may be pleased to know there are still options out there for them. There are strategies available to help overcome challenges such as inadequate income, excessive debt, negative equity or poor credit.