"Starting August 1st, the Federal Housing Administration will extend the forbearance period for unemployed homeowners in its programs from three or four months to a full year. That'll allow qualified homeowners to miss payments for 12 months before the foreclosure process begins."
http://www.usatoday.com/money/economy/housing/2011-07-06-help-for-unemployed-homeowners_n.htm#
http://www.makinghomeaffordable.gov
So, collect an unemployment check and not have to pay your mortgage for 1 year now?!? What a mess. They really do not want to flood the market with foreclosures. What is wrong with renting?
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