WASHINGTON (AP) — The Obama administration is expanding 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 three-year old program has strived to help those at risk of foreclosure lower their monthly payments. But it has failed to help more than half of those who have applied lower their payments on a permanent basis. Many have complained that the program is a bureaucratic nightmare.
The government has tried several different approaches to help struggling homeowners.