Refinancing lifeline fails to reach most 'underwater' homeowners

[Joseph T. Burkeson, CMI]

It appears somr things just ain't fixable.


Refinancing lifeline fails to reach most 'underwater' homeowners
Federal plan misses about 97 percent of eligible borrowers

By Renae Merle
Saturday, October 24, 2009

A seven-month-old government program to help homeowners with little or no equity refinance their mortgages has so far reached fewer than 3 percent of those targeted, with many struggling borrowers deciding that the benefits of a new loan aren't worth the closing costs.

This lackluster performance reflects the difficulty of helping the growing segment of "underwater" homeowners -- those who owe more than their home is worth.


Excerpt: http://www.washingtonpost.com/wp-dyn...72.html?sub=AR