As more than 11 million mortgages approach foreclosure nationally, a parade of lenders - including Chase, Bank of America and Citicorp - are offering to work-out hundreds of thousands of mortgage loans to keep borrowers in their homes.   “Check such programs out carefully,” advises Charleston mortgage attorney Bren Pomponio. Consider all perspectives of loan modifications and refinance mortgages. “You want to know what the impact will be on your payment, your interest, the length of your loan and your principal.”  Some home loan programs may reduce monthly payments but actually increase your total debt, he said.   “Call your mortgage lender as soon as you know you’re in trouble,” he advises. “

Some companies may freeze or lower the interest rate or extend the loan term. That lowers the monthly payment, but may raise the total owed. Some offer payment-free months. A limited number will cut the principal.

  Hope Now is a coalition of dozens of FHA mortgage lenders and federal programs. They recently announced a new “loan workout” program to start Dec. 15.

  Hope for Homeowners, a HUD program, buys troubled mortgage loans, then adjusts the terms. The mortgage company must take at least a 3.5 % loss on the sale.