HOUSTON-The Federal Housing Administration has started a new scheme which helps homeowners in danger of foreclosure receive refinanced loans from lenders that are guaranteed by the government. The program is only applicable for homeowners who owe 15% and more of their current home's value.
Lenders are also required to forgive no less than 10% of the original mortgage loans value taken by the homeowner. The program is backed with $14 billion from the Obama government's $75 billion mortgage assistance program. For the full story, go to Houston Chronicle.
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