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Obama foreclosure relief program faces long list of challenges
The government's foreclosure relief program is sputtering, according to government data released this week showing that the pace of help being offered to struggling homeowners slowed last month and many borrowers are at risk of losing the aid they have already received.
The program, known as Making Home Affordable, faces a frustrating set of challenges. Only about 4 percent, or 31,382, of the 728,000 homeowners currently in the program have moved from the initial, or "trial" phase, to a permanent loan modification. That leaves thousands of borrowers in limbo and in jeopardy of losing their mortgage help because they have not turned in enough paperwork to prove they qualify.