US Treasury Secretary Henry Paulson says that a coalition of counsellors, mortgage firms and trade organisations will offer help to homeowners.
The Hope Now initiative will involve 11 of the largest US mortgage providers, representing 60% of home loans.
The goal of the project is to help borrowers before they become so behind in their payments that the loss of their homes is inevitable.
Mr Paulson did not pledge any extra federal money for the initiative.
He said that he expects it to be largely funded by the private sector, although there is a bill currently going through the House of Representatives that would provide an extra $200m (£98m) of foreclosure prevention funding.
The American Securitization Forum, which represents many mortgage investors, said its members would reimburse counselling fees if the advice would help preserve the loan and prevent a foreclosure.
Mr Paulson recognised that the combination of falling house prices and mortgages that had started at low rates and were now much more expensive was "creating real challenges" for homeowners.
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