It’s rather straightforward: If you don’t have a job, affording a mortgage is virtually impossible.

In fact, Barry Zigas, director of housing policy for the Consumer Federation of America, today tells the Christian Science Monitor that “the biggest single cause of foreclosure today is loss of income or employment-related issues.”

To treat the problem, and not the symptoms, the Obama administration pledged an additional $3 billion to support foreclosure prevention initiatives, extending beyond the current $75 billion “Making Home Affordable” loan modification program.

Here’s how the extra funds will be spread around:

“… the additional aid will go towards funding a new bridge-loan program for homeowners with reduced incomes in hard hit local areas, although those regions have not yet been specified. The program extends a no-interest loan of up to $50,000, which can last as long as 24 months, to assist homeowners with mortgage payments until they become financially stable.”

Previously, out-of-work homeowners received a three-month forbearance to find work and become eligible for a loan modification. However, with the average length of employment lasting up to 24 weeks (six months) more needed to be done.

The latest initiative is modeled after a successful program in Pennsylvania, which has helped about 45,000 distressed homeowners avoid foreclosure since 1983.

Whether you buy a flawless gem or a diamond in the rough, your new home is going to cost you extra after closing.

That amount, of course, depends on the condition of the home and your taste. Some improvements are often more practical than others, and in some cases, utterly essential.

Whatever the case may be, we can all agree that spending the least amount of money on the most fixes and/or renovations is always high on the priority list.

That’s where we come in.

The July 2010 edition of Foreclosure.com’s free educational newsletter, “Investment Exchange,” is now available, which answers these important questions and details everything you need to know about “Calculate rehab costs.”

It’s all about priming you for rehabbing your distressed property. You’ll learn how to find great contractors, money-saving “Do it Yourself” (DIY) projects, which problems to look out for and much more.

To read this month’s free educational newsletter from Foreclosure.com CLICK HERE.

It’s no secret: Foreclosed homes for sale often offer buyers and investors tremendous value. On the flip side, distressed real estate can be a tricky, and costly, investment if you fail to dot all your “i’s” and cross all your “t’s.”

Get an in-depth look into what it takes to find, finance and buy the home of your dreams for half-price with help and direction from Foreclosure.com Director of Education, Linda Yates.

Linda is going to show you how to land a “money-maker” and avoid a “money pit” in this complimentary Webinar presentation. She’s going to outline the first six steps of the 12-step process behind finding a money foreclosure, while steering clear of any potential “red flags” or “pitfalls” that can turn your dream into a nightmare

Register for “How to find dream foreclosures in your area (Part 1 of 2)” before it’s too late. Click here. This FREE educational session is available to watch LIVE online during an information-packed presentation scheduled for Thursday, June 10, at 4 p.m. ET.

Here are the first six steps that she will cover in-depth:

• Getting your credit in order
• Deciding whether to rent or own
• Shopping for mortgages
• Searching neighborhoods
• Finding the right agent
• House hunting

The market is ripe for the picking right now — foreclosure inventory is piling up just about everywhere. With the right approach and knowledge, it will be simple for you to differentiate the good deals from the bad.

Register for “How to find dream foreclosures in your area (Part 1 of 2)” right now — it’s FREE! Spots are limited and filling up FAST! CLICK HERE.

Webinars are LIVE educational sessions that let participants see, hear and interact with real estate experts right from their personal computer screens. In fact, Webinars are driven in part by visitor feedback and questions that are posed during the sessions. For more information and course offerings click here.