Refinancing Underwater Properties | MoneyTips – Usually, if refinancing results in a reduction of your debt, that amount is considered as taxable income. This could be a substantial amount if you are refinancing an underwater home. However, the Mortgage forgiveness tax relief act waives taxes on debt forgiveness up to $2 million through 2016. HARP has typical refinancing costs at closing.
10 tips about mortgages and refinancing in 2013 – . revamped to allow homeowners to refinance regardless of how deeply underwater they are. Even after revisions to the program, many borrowers still found obstacles when refinancing. But the.
How to refinance your underwater mortgage – CBS News – Underwater mortgages, or homes with negative equity, have been a major problem over the last several years. As recently as 2012, Zillow reported that 31.4 percent of homeowners with a mortgage.
Housing Refinancing Reforms Still Needed – Furthermore, only 7 percent of borrowers that refinanced through the program had mortgages more than 5 percent underwater, indicating that HARP was not benefiting households most in need-those whose.
How to Refinance an Underwater Mortgage | LendingTree – But mortgages on underwater properties are typically difficult to refinance because you don’t have equity in the home. "Not a lot of lenders want to take on an obligation where the asset that backed the obligation is worth less than the obligation," Kapfidze explained.
Can I Refinance My Mortgage If My Home Is Underwater or. – I divorced in 2010 but retained the house. I am underwater on my mortage with a 6.5% interest rate. My loan is not backed by Fannie Mae or Freddy Mac and is a Conventenial loan not FHA.
"Under water" mortgages are growing threat to U.S. – CAPE CORAL, Florida (Reuters) – Long before she filed for bankruptcy, Ann Neukomm was “under water” – she owed more on her mortgage than her house was worth – a situation more and more Americans are.
Underwater Mortgage – Investopedia – Underwater mortgages were a common problem among homeowners around the height of the 2008 financial crisis which among other things, involved a substantial deflation in housing prices.
FHA Offers New Refinancing Program For 'Underwater' Mortgage. – FHA Offers New Refinancing Program For ‘underwater’ mortgage holders october 5, 2010 – Recent news reports are bringing a great deal of interest in a new FHA program designed to help homeowners who are "underwater" on their mortgages.
Chicago among cities with largest share of underwater homeowners, studies show – You are not alone. More homeowners in the Chicago area are trapped in underwater mortgages than in almost any other major metropolitan area in the country, according to two new studies released this.