Underwater home owners can refinance their mortgage
President Obama announce his plan for forclosure mitigation a few minutes ago. One of the provisions in the new plan is to allow home owners who are under water, to refinance thier mortgages. What this means is that even if your home is worth less than the amount of Mortgage on it, you will still be able to refinance your mortage into a 30 or 15 year fixed rate loan at current mortage rates. This will be effective in 2 weeks from now.
Â This will come as a big releif to a large number of home owners who have been making all their payments on time, but have been feeling the pain of not being able to refinance at the current historic low rates.