The President has announced an adjustment to the current HARP program that will allow homeowners that are underwater(upside down), yet current with their payments, refinance at todays low interest rates, regardless of how much they owe compared to market value.
The current plan allows homeowners to refinance up to 125% of their home's current value, which still leaves many homeowners unable to refinance. This adjustment to the program is welcome and needed, so that those with variable rates do not go into foreclosure a few years from now when rates go up to 6, 7 or 8%.
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