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New government programs, such as the “short refinance” program, aim to help underwater homeowners refinance primary and second mortgages. The Short-Refi program provides incentives for lenders to reduce mortgage balances and refinance borrowers into loans backed by the Federal Housing Administration. For more information, see: Will Fannie, Freddie Participate in ‘Short Refinance’ Program, FHA Rallies Lenders to Cut Principal, or Fannie, Freddie on Loan Write-Downs.
Government programs and borrower options are constantly in flux. As Certified Distressed Property Experts (CDPEs), the Bohannaons have been trained to help you consider all the options.