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

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The Banks May Start Offering Refinances to Underwater Home Owners


There have been talks amongst government officials, and the major banks of a possible plan to assist upside down or under water borrowers.  It would allow homeowner's the opportunity to refinance their underwater mortgage. The state of California leads the nation with 2.1 million underwater borrowers. The hope is that California Attorney General Kamala Harris would be interested in the proposal, and would want to join in on the settlement talks again. The proposal would only apply to homeowners whose mortgages are owned by the banks.  Approximately 20% of all underwater mortgages are owned by the banks and the other 80% of mortgages are owned by investors.