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Foreclosure Avoidance Programs get Facelift

Three foreclosure prevention initiatives begun
in the early years of the housing crisis will receive updates to better reflect
the changing needs of distressed homeowners and motivate their continued
on-time mortgage payments.  The U.S.
Departments of Treasury and Housing and Urban Development (HUD) announced the
revisions to the three, all of which operate under the joint HUD/Treasury
Making Home Affordable (MHA) program.

“While the housing sector has
strengthened in recent years, there are still many homeowners struggling to
make their mortgage payments,” said Secretary of the Treasury Jacob J. Lew.
“The changes we are announcing today offer meaningful incentives for borrowers
to stay current in their modifications, increase their opportunity to build
equity in their homes, and provide vital safety nets for those facing greater
financial strains.”

 

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