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Nearly one out of four homeowners are presently underwater on their mortgages. This means that the value of their home is less than what they owe on their mortgage. In response to the alarming increase in “underwater homeowners” some of the nations largest mortgage lenders are rolling out new programs to try to help these homeowners. The lenders starting to come to terms with the extent of the problem and the fact that they stand to do far better if they try to work with the homeowner as opposed to merely enforcing their right to foreclose. This Smartmoney article explains some of these options in more detail. Read more
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