WASHINGTON — Rosa Chavez and her husband scrounged together $164,000 for a down payment of more than 20 percent on their four-bedroom colonial in Fort Washington, Md.

The money came from the profit they made off a smaller house plus their savings.

They were supposed to be moving up in the real estate world. Instead, their lives have spiraled downward because of a bad mortgage, a bad economy and a bad housing market. When they bought the house, in December 2006, they opted for an adjustable-rate mortgage.

That seemed like a good idea until Chavez lost her job as a receptionist. With just her husband’s income as a kitchen manager, they are having trouble making the $2,658 monthly payment, and it is set to increase next year. The house, which they bought for $585,000, is now worth about $400,000.

The couple missed some payments but are back on track because they want to be in good standing with their lender. They have asked for a loan modification, which would involve changing the terms of the mortgage.

Like many people, Rosa Chavez, 27, wonders how the $700-billion bailout plan approved by Congress in September will help homeowners like her. The truth is, no one knows the answer yet. None of the $700 billion has been targeted to struggling homeowners, even though the financial crisis started as a mortgage crisis. Unclear, too, is what President-elect Barack Obama will do to help homeowners, though he has indicated that he wants to do something. For instance, on the campaign trail, he proposed changing bankruptcy laws to permit judges to rewrite the terms of mortgages.

Chavez and many other homeowners don’t have time to wait for the country’s leaders to make all these decisions. “We’re trying our best to keep the house. We don’t want to let it go because we put so much down,” Chavez said.

So what can Chavez and others like her do in the meantime?

George Collis, a loan officer for Capital Mortgage Finance and managing director of Primus Advisors in Arnold, Md., said that if she and her husband want to keep their house, they have to come up with a cash flow strategy. That could mean selling any newer cars they own and buying cheaper ones to eliminate or reduce car payments. Or controlling their use of utilities. Or even suspending their 401(k) contributions temporarily to increase cash flow. “They should develop a budget and stick to it,” he said.

They also could generate more income either by taking on part-time jobs or renting out a room in their house.

Now, on to the mortgage.

Diane Cipollone, an attorney and director of Civil Justice’s Sustainable Homeownership Project in Baltimore, said that for now, their down payment is gone. A loan modification, she said, is the only way they can salvage their equity. “That will allow them to remain in the home. If their property value increases over time, they may possibly regain some or all of their lost equity,” she said.

But it is a long and arduous process, and many times lenders do not agree to it. Part of the problem is that many mortgages were bundled together and sold off on Wall Street. If that is the case with Chavez’s mortgage, “it will be very difficult to figure out who really owns” the mortgage, said Karen Schaeffer, managing member of Schaeffer Financial in Rockville, Md.

“But if it is still in the local lender’s portfolio, they should be able to work directly with the lender on structuring a more realistic loan,” she said.

They should also look into a short refinance, which would involve their lender forgiving the $185,000 that the house has lost in value and refinancing the rest.

A similar but the least desirable scenario would be a short sale. The lender lets the owner sell the house at a loss and then forgives the debt. There is no way the Chavezes would get any of their money back this way, but at least they would avoid foreclosure. But like a modification, it is not easy to do.

“A short sale requires investor approval, and there is no guarantee that the investor, i.e. the owner of the loan, will agree to the price offered by the potential buyer,” Cipollone said.

Homeowners should list their properties only with real estate agents who are experienced in short sales. They should also have an attorney guide them through the process.

One important thing to keep in mind with a short sale or short refinance: You might end up with a big tax bill. “A homeowner faces potential income tax consequences if these transactions result in the ‘forgiveness of debt,’ ” Cipollone said.

So talk to a tax attorney or accountant.