One of the nation's big banks has a solution to mortgage default that comes about because of sudden unemployment or underemployment: Job hunting help for mortgage holders!

The Chicago Tribune  reports Fifth Third Bank has a pilot program where it teams up with employment firm NextJob, Inc., to assist mortgage borrowers who have missed two consecutive mortgage payments because of a change in their job status.

NextJob offers program participants 16 weeks of online job hunting help, resume assistance, and one-on-one phone coaching.

The cost to Fifth Third Bank for the program? A reported $1,500 per participant. Contrast that with the up to $60,000 the bank can lose everytime it forecloses on a mortgage!

I love that the free market has come up with a solution to a problem. Is this the solution that's going to stick? Who knows! But anything is a step in the right direction...

Image of Clark Howard About the author: Clark Howard

Clark Howard is a consumer expert whose goal is to help you keep more of the money you make. His national radio show and website show you ways to put more money in your pocket, with advice you can trust. View More Articles

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