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"Reduce the interest"? No, they're going to reduce the principal on underwater home loans!
by giardini 15y ago
"Reduce the interest"? No, they're going to reduce the principal on underwater home loans!
- mark_l_watson 15y agoBummer, I didn't know that. That is just plain wrong.
- trebor 15y agoFrom what I understand of it, the program is for folks who've gone upside down in their mortgage because of inflation and falling real estate value—not bad/underwater loans.
- trebor 15y agoBut only if the banks say you qualify. I know someone going through the process (last 5 months they've tried) and it isn't fun, or beneficial at this point. Don't buy the hype. It has really stressed them, and despite needing that help (value has fallen below their purchase value, that's why they're underwater) they expect to be refused because of how they've been treated.