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Digital News Report – The Making Home Affordable Program was set up to help struggling homeowners keep their home in these tough economic times.
The Home Affordable Modification Program (HAMP) has been expanded to help even more Americans. The goal remains the same: To stabilize home prices by lowering the number of homes that go into foreclosure.
The original program was designed to help homeowners who find themselves underwater because of the steep decline in home prices. But the program helps even more people now.
The program has been expanded to help homeowners who have lost their job. There are incentives for the banks and other note-holders to work with the borrower to lower monthly payments.
The original program has also been modified to benefit the hardest hit areas of the country the most. California, Florida and Nevada are among the hardest-hit areas and have received additional funds.
The Obama loan modification program is free to the homeowner. Approved counselors are paid by the government.
Even if you are unemployed, you can receive assistance.
By: Tina Brown
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