upside down in home mortgage...any federal refinancing plans available?

  • rnch

    Posts: 11556

    Feb 06, 2010 4:00 PM GMT
    my bf has discovered that he is "upside down" in his home...that it, the mortgage is higher than what the house is worth.

    is there some sort of federally funded mortgage assistance program available that might help him out?
  • Posted by a hidden member.
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    Feb 06, 2010 6:19 PM GMT

    I think the real question is why does he need help? Just because the home is appraised for less than he owes on the mortgage does not mean he is not contractually obligated to repay the money he borrowed.

    Having said that, yes. Our glorious President has a program in place where your fellow Americans will be taxed to take that mortgage, reduce the principal, and give you a new mortgage with a lower monthly payment.

    See your local Federal Home Loan Bank for details. Or Bank of America, who has been blackmailed into doing the same.