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Foreclosure Prevention
Foreclosure Prevention Programs Extended
During the housing crisis programs were created to allow lower monthly payments and help prevent foreclosures. The Home Affordable Mortgage Program or HAMP offers incentives to lenders who make theier mortgage rates more affordable. The Home Affordable Refinancing Program or HARP allows loans that are backed by Fannie Mae or Freddie Mac to be refinanced at lower interest rates.
These programs have helped out many people and prevented many foreclosures from taking place and now they are being extended through the end of 2016. This will allow a little more time for the housing market to rebound, though these programs were never intended to be permanent and they will likely not be extended again.