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By providing mortgage providers with financial incentives to modify existing first mortgages, the Treasury hopes to help as many as 3 to 4 million homeowners avoid foreclosure regardless of who owns or services the mortgage.
The hope is that more homeowners will now be able to refinance mortgage loans that feature better terms. This is especially important for those homeowners who took out adjustable-rate mortgage loans during the housing boom. Here are some frequently asked questions and answers regarding the program.
Mortgage holders who are not behind in payments on their mortgages but who have been unable to take advantage of low interest rates because their homes have decreased in value may have the opportunity to refinance their loans through the Home Affordable Refinance Program.
Offering loan assistance on homes, lots and land, auction properties and resort beach properties throughout Maryland, Virginia, Washington DC, West Virginia, Delaware ...