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A report from the fourth quarter of 2008 shows that a growing number of homeowners are seeking lower mortgage payments through loan modification programs and mortgage refinancing.

In an effort to stabilize the housing market and help millions of American homeowners reduce their monthly mortgage payments, the federal government has launched "Making Home Affordable." A new effort with Freddie Mac, this program offers some of the most aggressive refinancing and loan workout opportunities for financially strapped borrowers to date.

The program also warns those looking to cut their mortgage payments to beware of foreclosure "rescue" firms. These firms charge fees, but fail to provide solutions. To avoid scams, experts advise troubled borrowers to make sure they are dealing with a reputable organization by calling your loan servicer and HUD-certified housing counselor.

Produced for Freddie Mac