Well, an item we discussed previously is now up and running. The FHA's program to help those who are underwater (owe more than the home is worth) went into effect on Tuesday, September 7. Basically, it is directed at non-FHA borrowers, and aims to offer FHA-guaranteed refinancing of their existing loan. While it will NOT help all homeowners who are in this situation, estimates range from 250,000 to 1.5 million owners that will be helped.
The way it will work is that FHA will provide FHA-guaranteed refinance loans to homeowners who are in a negative equity position, and whose existing lenders will agree to write of a minimum of ten percent of the presently existing loan balance.
Comment: This is an excellent opportunity for those who qualify! My advice: Call both HUD and your lender TODAY!
Good luck!
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