NEW YORK (CNNMoney.com) -- Unemployed and can't pay your mortgage?
You can soon apply for a no-interest government loan for up to $50,000 to pay your mortgage and cover your arrears. The loan, which can offer assistance for up to two years, will be forgiven if the homeowner stays in the house for five years.
Troubled borrowers will be able to apply for the Emergency Homeowners Loan Program by the end of the year. They must be at least three months behind in their payments, but have a reasonable likelihood of being able to resume payments within two years. And they must have suffered at least a 15% drop in income, but have been able to afford their mortgage before their income loss.