With home prices still falling, administration opens up rescue program to homeowners whose loans are 125% of their home’s value.
NEW YORK (CNNMoney.com) — The Obama administration is widening its mortgage refinancing program to allow more borrowers hit hard by falling home prices to take part.
Borrowers whose loans are now worth up to 125% of their home’s value are now eligible to refinance their homes under the Obama foreclosure prevention plan announced in February. Previously, the limit was 105%.
The move acknowledges that home prices in many areas have fallen so far that many people were shut out of the program.
http://money.cnn.com/2009/07/01/news/economy/Obama_refi_program/index.htm?po