January 12, 2012
The continued housing market slump has many borrowers struggling with mortgage payments and facing what is technically called a “negative equity position”, which means the borrower owes more on the property than the home is worth on the market. This is also known as being “upside down” on a mortgage.
FHA borrowers who find themselves owing more than they could reasonably sell the home for are in a tough position when it comes time to decide whether to keep the home or try to ride out difficult financial circumstances, but for some borrowers there’s an option available in the form of a recent FHA loan refinancing program.
The FHA
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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