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Released: October 25, 2011
New rules would help underwater homeowners refinance
Source: Julie Schmit, USA Today
Almost 1 million more homeowners over the next two years might be able to refinance their mortgages and save hundreds of dollars a month under the Obama Administration’s latest fix to one of its underused foreclosure prevention programs.
The changes announced Monday are intended to benefit homeowners who have continued to make mortgage payments, even as home values have sunk, but lack at least 20% equity to refinance and take advantage of today’s low interest rates. The revisions could also help some owners who are underwater, owing more than their homes are worth.
The administration says eligible homeowners could save about $2,500 a year in house payments, providing a small boost to an ailing economy if that money is spent elsewhere.
Read Full Article: New rules would help underwater homeowners refinance
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