Brand new today SEPT 8 2010 New FHA Mortgage Refinance Program Aimed at 11 Million Homeowners Underwater - Real Estate Channel Global News Center

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

OBAMA ANNOUNCES FHA to help unemployed homeowners

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Obama Administration Plans Mortgage Aid, Donovan Says

Aug. 30 (Bloomberg) -- The Obama administration plans to set up an emergency loan program for the unemployed and a government mortgage refinancing effort in the next few weeks to help homeowners after home sales dropped in July, Housing and Urban Development Secretary Shaun Donovan said.

“The July numbers were worse than we expected, worse than the general market expected, and we are concerned,” Donovan said on CNN’s “State of the Union” program yesterday. “That’s why we are taking additional steps to move forward.”

The administration will begin a Federal Housing Administration refinancing effort to help borrowers who are struggling to pay their mortgages, and will start an emergency homeowners’ loan program for unemployed borrowers so they can stay in their homes, Donovan said.

“We’re going to continue to make sure folks

EDITORS NOTE: notice the word LOAN - they are not addressing the fraud it another refi... banks are bailed out and homeowners are enslaved into debt

FHA LAUNCHES SHORT REFI OPPORTUNITY FOR UNDERWATER HOMEOWNERS

HUDNo.10-173/U.S. Department of Housing and Urban Development (HUD): "The FHA Short Refinance option is targeted to help people who owe more on their mortgage than their home is worth - or 'underwater' - because their local markets saw large declines in home values. Originally announced in March, these changes and other programs that have been put in place will help the Administration meet its goal of stabilizing housing markets by offering a second chance to up to 3 to 4 million struggling homeowners through the end of 2012.

'We're throwing a life line out to those families who are current on their mortgage and are experiencing financial hardships because property values in their community have declined,' said FHA Commissioner David H. Stevens. 'This is another tool to help overcome the negative equity problem facing many responsible homeowners who are looking to refinance into a safer, more secure mortgage product.'

Today, FHA published a mortgagee letter to provide guidance to lenders on how to implement this new enhancement. Participation in FHA's refinance program is voluntary and requires the consent of all lien holders. To be eligible for a new loan, the homeowner must owe more on their mortgage than their home is worth and be current on their existing mortgage. The homeowner must qualify for the new loan under standard FHA underwriting requirements and have a cre------">>>>>>>> READ MORE

HAFA, HAMP, HOPE and HELL - Your Banks Working for YOU

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http://www.youtube.com/watch?v=mhAdGVPT1sc&feature=player_embedded

If you have not seen this... this is the way our bank operates for trying to help people. I have not verified that is real but assume that it is fairly representative. Our experience of going through hoops for other programs is very similar.