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December 5, 2014
WASHINGTON (AP) — Homeowners whose mortgages were modified to stave off foreclosure could next year receive an additional $5,000 reduction in their loans from the government, the Treasury and Housing and Urban Development departments said Thursday.
The payments would impact roughly 1 million borrowers who received reduced mortgage rates through the Home Affordable Modification Program during the Great Recession. The discounted 2 percent mortgage rates are scheduled to rise by a percentage point for many of these borrowers entering the sixth year of the program. That would increase monthly payments for those who might still be struggling to find work or additional income.
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