Congress is digging in to hopefully dig homeowners facing foreclosure out of the housing crisis.

Lawmakers spent Wednesday and Thursday hammering and debating a bipartisan plan calling for tax breaks and interest rate freezes to help prevent a free fall.

But, the plan may be too late for those already knocking on the foreclosure door. It's already too late from Mike of Portland. He doesn't want his last named used.

"The real estate market fell out and just killed us," he said. Mike bought a home in Northeast Portland as in investment when the market was riding high.

KING file photo

A home goes up for sale.

But after missing three months of payments, he was caught in a spiral.

"It's like you just watching everything, everything you've hoped for, dreamed of and everything you've worked for going down and there's nothing you can do about it" Mike said.

Congress is in a race to help those faced with foreclosure. In the works a preliminary plan would provide $100 million dollars to help counsel those families facing foreclosure.

It would provide $4 billion dollars to areas hardest hit by foreclosures and mortgage delinquencies. And for buyers of new homes or a foreclosed property the government would give a $7,000 tax credit.

Broker George Huetas with Prudential Northwest properties says there is hope. He says most lenders will work not to foreclose on a property, including freezing rates on adjustable loans.

"I think that will help them to maybe build their credit to get to the point where they can restructure the loan or refinance for it". said Huetas.

But, whatever plan Congress ultimately decides on, mortgage brokers say they they need access to money..

"We can't do loans for people to buy new houses until there's actually loans out there to buy houses with".said Renee Spears owner of Rose City Mortgage Specialist.

Spears says to bring back the housing market to a healthy status it's a matter of restoring trust.

"We've lost trust in what happening with our government, Wall Street the economy".

But for Mike who lost the housing gamble, that trust may be hard to come by.

"I know i'm a lot wiser".he said.