Here's disturbing news from Shawn Donovan, HUD Secretary: about 3500 homeowners per day are falling behind on their mortgage payments due to unemployment. With the unemployment rate stagnent, this situation could easily extend beyond 2012.
Some help is coming from the Obama administration for those unemployed homeowners: for those with an FHA backed loan, forbearance will be extended from four months to twelve months. This will give the unemployed more time to find a job while the house payment is 'on hold'. Unless jobs become more plentiful, however, this may just delay the inevitable foreclosure.
I appreciate the President trying to work with cash-strapped homeowners looking for work, but the #1 thing that will get us out of this poor economy is JOBS. JOBS. JOBS.