The questions surrounding this latest push center on whether refinancings will, or can include mortgage principal reductions. A homeowner that is underwater $180,000 in Surprise or Chandler probably needs a little more help than lower interest rates.
More refinancings will help some, but they won’t help dramatically underwater homeowners in Phoenix, Las Vegas and Southern California. They likely need principal reductions to set their ships right.
Read the rest of the article at the Phoenix Business Journal
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