By Marcie Geffner - Bankrate.com
A new government program requires lenders to offer three to six months' of lower mortgage payments to some homeowners who've lost their jobs. The temporary assistance is intended to help unemployed homeowners keep their homes while they seek new employment.
The new Temporary Assistance for Unemployed Borrowers program is a step forward, but many of the details are yet to be worked out, according to Faith Schwartz, executive director of Hope Now, a mortgage outreach alliance in Washington, D.C.
The program was announced March 26, but won't be rolled out until later this year.
"The next step is for everyone to race to implement, execute and fine-tune," she says.