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Refinance options for underwater homeowners

Refinance Options for Underwater Homeowners
We all know people who are having trouble keeping up with their payments but could not refinance because they are underwater (or close to it) on their loan. Many were not willing to refinance because it would push them above the magic 80% Loan-to-Value ratio, which would necessitate getting mortgage insurance (MI) - which either they could not get (usually due to a credit score or a Debt-to-Income issue) or which would increase their monthly payments to the point that is negates any drop in payment from a lower interest rate. 
Well, over the last few months, a couple of programs have been launched or expanded which would help people in these situations - but don't seem to have made much impact in the media, either here in Arizona, or nationally. A large number of people I speak with, even realtors, are not aware of these changes, so I wanted to touch on the basic requirements to qualify.
There are two programs - for Fannie Mae loans, DU Refi Plus (catchy title!), and for Freddie Mac loans, The President's Making Homes Affordable Program (who thinks of these?). If you have a conventional loan (not FHA, ... more

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