As the negotiations between the various attorneys general of several states with the five largest mortgage lenders in the country continue, discussions have now centered more on the possibility of refinancing existing loans on 'underwater' homes. Underwater homes, those whose mortgage balance is higher than the current market value, would, under proposals by the AG's be eligible for refi with the lenders if the loans were in a current status. Refi would be at today's much lower interest rates, thus saving homeowners hundreds, if not thousands, of dollars every month in payments. One requirement would be that the loan actually was owned by the lender in question, and not just serviced by it. The program hasn't been agreed to, but at least it's now on the table and being discussed. Keep your eyes peeled both here and on the web and newspapers for developments as they occur.
As always, Good Luck.
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