Facing Foreclosure? Obama Administration Extends Help

If you’re struggling to keep up with your mortgage in this sagging economy, President Obama is extending a program that offers you some relief.

The Obama Administration will expand its signature foreclosure-prevention program to try to help those with heavy debt loads avoid losing their homes.

The Home Affordable Modification Program will also be extended through 2013.

The government will triple the financial incentives for private lenders to reduce the principal amount of mortgages for homeowners at risk of losing their homes. And for the first time, the government will offer incentives for principal reductions to government-controlled mortgage giants Fannie Mae and Freddie Mac.

Homeowners who are accepted into the program receive interest rates as low as 2 percent for five years. They can repay their loans over a longer period. The average savings for those who remain in the program is about $500 per month. Read more

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