Job Creation Bill; Why Home Loan Modification Program Can’t Work With High Unemployment

Job Creation Bill; Why Home Loan Modification Program Can’t Work With High Unemployment
01/25/2010
By Issac Lewis

A new job creation bill is being formulated in Congress, which includes various tax breaks, that is hoped to cause job creation to rise and unemployment to drop. The unemployment problem has reached to all areas of the economy but arguably unemployment has had the greatest impact on homes.

The home loan mortgage modification program has been set in place to make mortgage payments more affordable for those who have been hit by unemployment and took a big hit in their total household income or completely lost their income altogether.

The problems arising from the unholy union of unemployment and the housing market are obvious. If a homeowner isn’t employed, which translates to they have no income, then there is nothing that can be done by way of a home loan mortgage modification.

People who have only seen a cut in their monthly income can benefit from the home loan modification program, but with a worsening job market they too are on an uncertain foundation.

The new job bill in the works is going to have to hit the unemployment problem fast and bring solutions and jobs in a timely manner as well. Unemployment is the most difficult problem to combat and while saving people’s homes is vital, an overhaul of healthcare is needed; there are few things that can be accomplished without unemployment solutions.

For the home loan modification program to work, people are going to need some sort of income from employment in the now, and for the economy to fully recover there will have to be long-term, stable employment for anyone who is willing to work.

This entry was posted on 01/25/2010 at 6:00 am and is filed under Loan Modification, Politics, Unemployment. You can follow any responses to this entry through the RSS 2.0 feed.
2 Responses to “ Job Creation Bill; Why Home Loan Modification Program Can’t Work With High Unemployment ”

1.
alvin on 01/25/2010 at 8:01 am

the only guarantee is unemployment is going to be high for years. as a small business owner i cant afford to hire anyone and give them health insurance. Thats why most of the jobs you see are part time
2.
Mark Nejmeh on 01/25/2010 at 1:36 pm

Dear Sir,

We have been singing this song for a year.government cannot create jobs, ony innovation can. What good are part-time jobs? Theissue is that we all must change. We are a bunch of wimps standing and waiting for something to happen. Does anyone get it? Governments are run by people that want to get re-elected so they do what they have to just to get re-elected and nothing more. This country is being run by a bunch of over educated sycophants that think they wrote the script for our futures,a sad state of affairs and we have no one to blame except ourselves.

Mark Nejmeh
The Foundation for Job Creation
http://www.jobcreation.us
mark@jobcreation.us