FHA just released a Mortgagee Letter that fully describes their new "underwater" refi program. This program is designed to assist homeowners that are "underwater" in their house. The link below will take you to the HUD.Gov website for a general overview of the program. That general overview contains a link to the actual Mortgagee Letter with specifics. I certainly hope this government program has better success than previous programs.
FHA Short Refi Program Announcement
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