Finally! The government has done something that helps the folks that haven't gone into foreclosure or bankruptcy are current in their mortgage payments but continue to struggle. The people that are struggling in these hard times to make ends meet and but find that task harder and harder to keep up with.
FHA has come up with a program that allows homeowners to refinance their homes at the current market value. Not the amount owed but the current appraised value.
The government will absorb the losses in the market. You can lower principal balance and get a fresh start. It's better than the hope program and better than a loan modification in that you don't share in any accrued future equity as with the Hope program and you don't have to ruin your credit scores as with a loan modification.
I think that anybody who has suffered any fnancial hardship over the last year or 2, and who hasn't, should run to apply for this program
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