“Making Home Affordable,” a $75 billion federal government-backed initiative to keep up to 7 to 9 million Americans in their homes by preventing avoidable foreclosures, may have an uphill battle despite its well-placed intentions.

Associated Press today passed along sobering news from a Office of the Comptroller of the Currency and the Office of Thrift Supervision report, which reveals more than 50 percent of distressed homeowners who had their home loans modified in the first half of 2008 “missed at least two months of payments a year later.”

Job loss is the key culprit: Unemployed homeowners simply can’t afford their mortgages — even if they are cheaper — because the cash flow is either not what it once was or has ceased altogether.

It’s important to note that similar “redefault” statistics for “Making Home Affordable”  are not yet available. And they probably won’t be for several months because the plan was recently introduced earlier this year.

The good news is that the housing recovery program is still in its early stages — only 12 percent of eligible borrowers nationwide (360,000) have taken advantage of the opportunity thus far. More folks will hopefully follow suit sooner rather than later.

In addition, jobless rates were down in most metro areas in August, according to recently-released data from the Labor Department. It’s a promising sign, but there is certainly a very long road ahead.

To learn more about Making Home Affordable and determine whether or not you can refinance your home mortgage click here. The official “Making Home Affordable” Web site can be found right here.