Posted by: Wendy Harpp | February 16, 2012

new Government program for “underwater” homeowners

The Government announced that they will be rolling out a new program for home owners that are “underwater”. More than 10 million people are underwater, or owe more than their homes are worth.

President Obama on Monday responded to growing concerns about the nation’s battered housing market by unveiling a plan to help reduce the monthly mortgage payments of homeowners who owe more than their properties are worth.

Only borrowers whose loans are owned or guaranteed by Fannie Mae and Freddie Mac will be eligible. In addition, borrowers must not have missed any payments in the past year and must have taken out their loans before June 1, 2009, though exactly when will depend on the lender. To see if you qualify and obtain further information follow the link below.



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