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refinance: FHA'S SHORT REFI PROGRAM FOR NEGATIVE EQUITY HOMEOWNERS - 08/17/10 11:33 PM
So FHA is boasting about launching it's new short refi program for underwater homeowners. Woot, woot. Have you actually LOOKED at their requirements? It reminds me of the evil stepmother in Cinderella who tells the girl that she can go to the ball "IF" she can get an impossible amount of work done. In other words, "NOT GOING TO HAPPEN!"
The U.S. Department of Housing and Urban Development (HUD) Mortgagee Letter 2010-23 lists the eligibility requirements for lenders and negative equity homeowners. The first glaring issue is that the lender participation is "voluntary" and "requires the consent of lenders." … (6 comments)
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Michele Ashbarry
San Diego,
CA
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Realty Partners
Address: San Diego, CA
Office Phone: (760) 440-9812
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