There is a new program that the federal government is trying to come up with that will help many homeowners get refinanced out of their adjustable and subprime loans as well as loans they simply cannot afford. There will be $50 billion put towards the federal mortgage aid program. They hope to help thousands of homeowners to refinance.

Homeowners that will benefit are those that qualify for the program. Many more thousands of homeowners will not qualify since they will fall in between making too much for aid and not enough to pay their mortgage. One out of every 374 households are in foreclosure across the country. There needs to be a broader spectrum of helping homeowners that are in trouble.

There were 342,000 foreclosure filings in March which is up 32 percent from 2008 in the same month. With increasing job losses and unemployment rates reaching almost 9 percent there needs to be something that can be done for the many that are unable to receive help. By foreclosing on their homes it will damage their credit which will in fact hurt their chances of finding another job since many employers check the credit score. It will not only ruin the homeowners chances of finding new work but also raising the amount they pay on their car insurance which is also checked every 6 months. It will cause the credit cards to raise the interest rates or cut down the limit or close the accounts all together. Since credit has become a large part of every day life, the government needs to realize that a foreclosure is more than just losing a home, it is losing everything.