Affordable housing has long been the dream of American families and policymakers alike. Now both are seeing their wish fulfilled, though not in the way either envisioned: the housing correction. This drop in home prices will be remembered as a blessing for first-time homebuyers, but this comes as no comfort to those who are already locked in to a mortgage and struggling to make payments.
If you are having difficulty paying your mortgage, you may be eligible for relief through the new federal Making Home Affordable (MHA) program. This service can aid qualified homeowners by either helping them refinance to a new loan or by modifying their existing loan.
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