Here's a link to an article that talks about HUD offering a new program to help out homeowners who are upside down on their mortgage and owe more than they are worth.
http://www.dsnews.com/articles/fha-rolls-out-principal-reducing-refi-program-for-underwater-borrowers-2010-08-06
From the investors I have talked with none are willing to refinance these types of loans. It will be interesting to see if any of the major banks will offer this program to any of their current customers.
Personally I think this is just FHA and HUD trying to put out a feel good story for the press. It'll be interesting to see in the coming months what happens.
I would encourage anyone who is currently upside down on their current mortgage to call their current lenders and see if they are willing to participate in this program.
Ron Meyer is a Wisconsin licensed Sr. Loan Originator NMLS #222688 with GSF Mortgage Corporation NMLS #1018 located at 300 Patriot Dr. Little Chute, WI 54140 We specialize in financing purchases and refinancing home loan mortgages for all of Wisconsin. As a local lender we pride ourselves on offering quality service before and after your closing. Our underwriting is all done in house, allowing us to have quicker than normal processing time of your loan.
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