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"The median monthly payment reduction for borrowers enrolled in
the (HAMP) program is $522" - DSnews.com

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Are You Upside Down on Your Mortgage


There is a new program that the federal agencies are discussing that could potentially help homeowners who are upside down on their mortgage. This means that the home is worth less than what their mortgage is. This program could possible help with stopping homeowners from going into foreclosure.  Fannie Mae and Freddie Mac are resistant due to the fact that it could cost more money and then they would be deeper in the hole.  In September a program that was similar to this was rolled out. It was for homeowners who are upside down and are current on their mortgage payments. It allows the customer to refinance their home for a lower payment and lower mortgage amount.  This all boils down to how far Fannie Mae and Freddie Mac should go with helping the housing crisis.