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Debt Relief – Insolvency – Bankruptcy Information » Mortgage Refinancing » “Underwater” Homeowner Program Extended

“Underwater” Homeowner Program Extended

Homeownership has been the focal point of the American Dream for as long as many of us can remember. However, the downturn in the housing market has turned that dream into a nightmare for millions of Americans. Perhaps the most difficult scenario to resolve occurs when the home’s value falls below the balance owed, a situation we call being underwater. Compounding this dilemma are periodic changes in the homeowner’s monthly payment, generally associated with the adjustable rate loans offered throughout most of the last decade. Under ordinary circumstances, a homeowner would refinance their mortgage to keep the payment within their budget, but when you owe more than your home is worth, the prospect of refinancing all but disappears. The federal government’s recently extended Home Affordable Refinance Program, or HARP, is an attempt to remedy this situation.

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One Response to "“Underwater” Homeowner Program Extended"

  1. occupytheworld22 says:
    quit paying homeowner insurance because your underwater OCCUPY WALL STREET

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