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Tuesday, August 10, 2010

FHA Announcement: Help for underwater borrowers

On September 7, 2010 FHA will offer certain underwater NON-FHA borrowers a FHA refinance loan.  The borrower can move ahead on the refinance if their present mortgage holder agrees to write off up to 10% of the present loan balance.  FHA anticipates that 3-4 million borrowers will be assisted with this program.  Is this ANOTHER Government bailout program destined to NOT work?  Probably.  More information to follow...