Toxic Assets Relief Program. I thought these mortgages were “toxic assets”.
This program, as I understand it, will make the banks lower the principle and refinance people who are behind in their payments. I’m in the middle of refinancing and the principle stays the same. Not behind on payments,,,,yet.
That’s tough about not lowering the loan value and you probably won’t qualify for help after trying to jump through all the hoops because this settlement only sets aside a small amount of money for helping underwater homeowners.
At least interest rates are at historic lows, this helps when refinancing. Make sure you cover all the bases of possible avenues of refi but avoid paperwork that signs your life away on missed payments. IRS might want their cut on a downward loan adjustment as they look at it as you making money on the deal but things are changing so quickly it is hard to keep up. I’m sure the banks enjoy the confusion.