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 August 03, 2009

Struggling Home Owners May Benefit from FHA Program
The recently enhanced Federal Housing Authority "Making Home Loan Modification Program" is intended to assist home owners who are struggling. The key is that the home owner must of course qualify for the program in order to see a significant reduction in their monthly mortgage payments and in turn, remain in their homes.
The recent changes in the program now include FHA borrowers. Organizations including the National Association of Realtors see this alteration as having positive implications for many more home owners who are in danger of losing their homes to foreclosure.

The president of the NAR (National Association of Realtors) has stated that there can be no solid recovery of the housing market until a significant reduction of both foreclosures and available inventory is seen. The recent changes to the "Making Affordable Loan Modification Program" are looked upon optimistically as having the potential to make strides towards the achievement of that goal.

The NAR plans to continue to lobby Congress to push to extend the current first-time buyer tax credit which is set to expire at the end of this year.