March 16, 2012
Being “underwater” on a home loan means owing more on the property than the home is worth. In the last few years, this is a problem faced by more home owners across the nation due to the housing market crisis.
In response to this, the Federal Housing Administration took action. In 2010, the FHA published a mortgagee letter outlining details of a plan called “FHA Refinance of Borrowers in Negative Equity Positions
Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.
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