Bank of America has recently proposed a program to address high unemployment and to assist customers with mortgages. They want to give individuals who are collecting unemployment benefits and who are struggling to pay their mortgages up to nine months of no mortgage payments. The program would also be beneficial to the bank, as it would help them to avoid millions of dollars in foreclosure and collection costs.

During that nine month period, the bank would pay the home owner's property tax and insurance bills. The customer would need to agree to sign over their house to the bank if they have not found a job within the nine month time frame. Additionally, Bank of America would give people in that position at least $2,000 to cover their moving expenses.

For individuals that get a job during the nine months, their unmade payments would be added to their mortgage and spread out over the length of the contract. They'd also have the option of apply for a mortgage modification to reduce their payments if the new job is at lower pay.

If the home owner does not get a job, they will at least have some funds saved up. This will help them to be financially prepared to make the transition into a new home. The bank is also not in any worse of a situation, as it typically takes nine months to complete foreclosure procedures.

This program would help to reduce stress and worry for the homeowner, and it could also allow families to keep current with other payments, including their car and childcare. Without these things it will be more difficult for the individual to find or retain a job.

Bank of America currently has close to 1.5 million customers who are at least 60 days late on their mortgage payments. This accounts for nearly 14 percent of all the mortgages it services.