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A Writer's Den: FHA Launches Short Refinance Opportunity Program to Rescue Underwater Homeowners

Tuesday, August 24, 2010

FHA Launches Short Refinance Opportunity Program to Rescue Underwater Homeowners



credit: jhorrocks © istockphoto.com/jhorrocks

Beginning on September 7, 2010, homeowners who have survived the housing crisis and continued to pay their mortgage payments despite drastic declines in their property values will no longer be ignored by the Obama Administration. Finally, the Federal Housing Administration (“FHA”) has unveiled a new program that will allow homeowners who owe more on their homes than they are worth to refinance their mortgages. This new FHA program is specifically designed to “encourage principal write-downs for responsible borrowers,” with negative equity or upside down mortgages.

Although, the program is projected to help up to 3 to 4 million homeowners experiencing financial hardship, the requirements are so stringent that it will certainly fall short of helping many of the homeowners it was designed to offer a “lifeline.” To qualify for the new FHA program, homeowners must meet the following basic requirements: READ FULL ARTICLE: FHA Launches Short Refinance Opportunity Program to Rescue Underwater Homeowners

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