The operative word here is "possibly". What has happened is that a pair of economists from the Federal Reserve Bank of New York have made the suggestion that states could possibly make 'bridge' loans to unemployed homeowners to help the owners cover their mortgage payments until they again are gainfully employed. The economists are modeling their suggestion on just such a plan that Pennsylvania has had up and running since 1982--long before the current crisis. Of the people who took advantage of this program over 80% have repaid the short term bridge loans they received. The Federal government did have a similar program earlier this year, EHLP, but even with two extensions for applications, it has now expired. A suggestion here might be in order--call, write, email or just visit your local state legislator and put the idea past him. It can't hurt and might be the one thing you do that provides enough breathing room to help you save your home from foreclosure.
Good luck.
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