Does anybody know?

How will the home bailouts work for the following instances:

Home worth $300,000.
Mortgage is about 275,000
Has a second mortgage of 40,000

Earnings: $150,000
Bought two foreclosure houses--can't sell them.

Second case:

Home worth 250,000
Paid 350,000 for it-- underwater
Haven't made a payment in months.
Still living there!

Income: 80,000