Michigan Refinancing | MI Refinance

New Help for Michigan Mortgage Holders Who Are Underwater?

Michigan Refinancing help may come from president Obama’s new changes made to the existing home affordable refinance program.  The new changes now encourage lenders to reduce the principal balance by at least 10% for home owners who are “upside down” or “underwater” on the home, meaning they owe more than the home is worth.

The changes have been somewhat controversial and still allow the lenders who hold the mortgage the option, however they are encouraged to reduce balances, and also payments for people who currently owe more than the value of their homes.

This video from CBS evening news, tells a brief story of a Florida city, one of the few states that have more underwater home owners than Michigan.

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