Although there have been signs of improvement in the economy, millions of Americans remain unemployed. With no income, many people are finding themselves unable to pay their mortgages. Fortunately, there may be ways for homeowners to defer their mortgage payments for as long as one year.

Mortgage giants Freddie Mac and Fannie Mae are doing what they can to help those who are unemployed. They recently announced that they will continue to offer unemployed homeowners the chance to defer either part or all of their mortgage payments for up to a year, all in an effort to prevent additional foreclosures.

With the extension, Fannie Mae is allowing banks to offer homeowners a deferment for up to six months without seeking their approval. Banks can extend that offer to a year after receiving approval. Similarly, Freddie Mac is giving homeowners the chance to defer payments for up to 12 months.

Although many of the government programs created to prevent foreclosure have failed, there is now another option for mortgage lenders to consider. From now on lenders will be required to consider deferments for struggling homeowners in an effort to reduce foreclosures.

The new guidelines could help homeowners, but some say the deferments might only slow the foreclosure process because many people are in homes they cannot afford.

In 2011, there were close to two million foreclosure filings. While that number remains high, it is about one million fewer filings than in 2010.

Homeowners in Pennsylvania who are struggling with their mortgage payments may feel overwhelmed, but there are options available to them. In addition to deferments, homeowners may find that a loan modification or bankruptcy is their best option.

Source: The New York Times, "Unemployed Mortgage Holders Get Extension on Payments," Motoko Rich, Jan. 11, 2012