Sadly the news continues to pour in from across the country and no economic sector has been left out. It’s a pity families, numbering in the millions, have lost hope and continue to lose hope in President Obama’s loan program to help them put an end to the foreclosure situation and help them stay in their homes.Each day sees the bankruptcy of a major corporation adding to the increasing numbers of unemployed, with General Motors among the latest causality. This translates to an additional untold numbers of households that will lose their monthly salary along with the capability to meet their financial obligations on a monthly basis. This, in turn, translates to those same families having the inability to make their mortgage payments or to put a halt to the foreclosure of their home.If you’re unemployed and unable to afford the mortgage payments each month it’s impossible to put a stop to the foreclosure process. Each foreclosed home simply adds to an already glutinous market and continues to reduce prices below market level. This situation affects everyone and continues to go around and around and around.The current foreclosure numbers have reached a critical mass and President Obama’s efforts have had little effect on pacifying the more than 80 percent of homeowners on stopping the foreclosure process. While the intentions were honorable it seems to have, once again, gotten trapped in a bureaucratic stranglehold of red tape and those who could use the help in the worst possible way will have that opportunity.The established rules and regulations are so numerous and overwhelming that a significant number of homeowners battling to keep their home and stop the foreclosure proceedings find themselves unable to get past the first and basic steps of the plan to be included for consideration. This is really a sad situation and this really shouldn’t be the case during this point in time.For an unknown reason, the story continues to be repetitive and after being involved in the huge bank bailout, these identical banks are the same institutions that obtained the majority of the government program’s 75 billion dollars.A portion of this payout was as an incentive to collaborate with property owners. To make matters worse, despite the fact that they were given millions as a catalyst, they have chosen to deal with financially sound mortgages. Everyone else is simply out of luck.All homeowners who have been unable to meet the qualifications of Obama’s Loan Modification Program, up to now, still have options and can cancel the foreclosure process and remain in their homes; the opportunity continues to exist despite the fact that you may be unemployed or without a monthly or annual income.There are a number of methods available to you that will allow you to remain in your residence for an extended period of time. In various situations this could equate to a couple of years or more. However, each step of the process needs to be understood.Right now, your best option is working out a plan of repayment, for all past due payments, with your mortgagee. While this will feel like the least viable solution, the main idea is to put a stop to and postpone the foreclosure process until a better solution presents itself at a later date. However, you need to remember to use caution; it’s important to have the knowledge necessary to work with your mortgage company during this critical time.