Townsend Appraisal Commentary

Almost 1 million more homeowners over the next two years might be able to refinance their mortgages and save hundreds of dollars a month under the Obama Administration's latest fix to one of its underused foreclosure prevention programs.

The changes announced Monday are intended to benefit homeowners who have continued to make mortgage payments, even as home values have sunk, but lack at least 20% equity to refinance and take advantage of today's low interest rates. The revisions could also help some owners who are underwater, owing more than their homes are worth.

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