New FHA Mortgage Refinance Program Aimed at 11 Million Homeowners Underwater - Real Estate Channel Global News Center: "About 1.5 million of the 11 million U.S. homeowners who owe more on their mortgage than their home is worth could be catching a break shortly.A new Federal Home Administration refinance program kicked off Tuesday, Sept.7.
The government has earmarked $14 billion in Troubled Asset Relief Program (TARP) funds to support the program.
The latest data from CoreLogic shows that some 11 million borrowers were in a negative equity position as of the end of June, reports DSNews.com. That equates to 23 percent of all U.S. residential properties with a mortgage."
To facilitate the refinancing of new FHA-insured loans under the program, the U.S. Department of Treasury says it will provide incentives to existing second lien holders who agree to "full or partial extinguishments" of the liens.
NOTE::: I Hope this helps more than their last help program for underwater homeowners. CHECK IT OUT FAST
photo credit: sxc.hu
photo credit: sxc.hu
