Effort designed to encourage principal write-downs for responsible borrowers

Finally there is a program in place to help homeowners who purchased during the Real Estate Boom years an opportunity to bring down the mortgage to keep their homes. The best part of this program is that your payment will not just come down by giving you a lower interest rate as in a standard loan modification, but be able to bring down your actual Principal in the mortgage amount!!! This definitely is what has been needed to keep people from walking away due to hardship or even strategic defaults because it simply is not worth continuing to pay for a Condo or Home you are upside down on.

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