The Christian Science Monitor today reported on several banks doing mortgage makeovers for folks threatened with foreclosure due to excessively high resets of interest rates, as high as 12% or 13%.

The banks offering help are typically small banks, community banks…think Jimmy Stewart in It's a Wonderful Life. They aren't advertising, because they would be overwhelmed both with paperwork and with more lending requests than money to fund them. Some are asking people to fund their IRAs or buy CDs to fund loans.

Here's what you need to know.

1. If foreclosure proceedings have started, this won't work for you
2. If your credit is shaky but you have a strong payment history, it might work for you.
3. Gather your documents and walk into a bank, ask to speak to a mortgage loan officer and ask what she or he can do for you.
4. If you strike out finding banks to approach, ask at your church, a local free or inexpensive legal advice clinic, or people you meet wherever you are. Do a little out-of-your-comfort zone networking to save your home.

Your objective is to get into a fixed-rate loan, even if you must endure a probationary period to prove your payment stability. Meanwhile, keep making payments. If you cannot pay in full, call the bank and negotiate what  you can pay when, then keep your word.