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Old 10/24/09, 8:55 AM
Joseph Burkeson, CMI's Avatar
Joseph Burkeson, CMI Joseph Burkeson, CMI is online now
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Default Refinancing lifeline fails to reach most 'underwater' homeowners
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


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