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Digital News Report – Americans throughout the United States have been hit hard during this recession with many of them losing their homes. A government program developed by the Obama Administration may help prevent homeowners from losing their homes.
The President’s loan modification program is designed for homeowners who run into financial trouble. The Home Affordable Modification Program (HAMP) gives incentives to both homeowners and lenders to prevent foreclosure.
There is an estimated 7 to 8 million struggling homeowners who can qualify for the program. HAMP is free for the homeowner and the administration warns that there are scams out there.
Many homeowners are finding themselves owing more money on their house than it is worth. The term used for this is “below water”.
The program, sometimes referred to as Making Home Affordable, is designed to help those homeowners who find themselves underwater. Homeowners must also be in financial trouble.
Over 110 major lenders have already signed on to the program, including Well’s Fargo, Chase and Bank of America.
By: Tina Brown
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