Loans to Prevent Foreclosures

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Most people are not getting any help from the Obama administration as far as keeping their homes from becoming foreclosed upon. Pennsylvania has a program in place to help people keep their homes.

Folks in Pennsylvania who are having a hard time keeping out of foreclosure can get loans of up to $60,000 from the Pennsylvania Housing Finance Agency to help them make their payments and catch up on missed payments. The loans are good for up to three years. This program was started in 1983 and it has a 80% success rate of keeping people from losing their homes.

"If you allow people some time to find a job, they can keep their home, which saves their family, their neighborhood and their communities," said Brian Hudson, the agency's executive director

Now the Obama administration is looking into this program to see if it would be a better way to help people keep their homes.