In April, the Federal Housing Finance Agency unveiled a new mortgage modification program to offer homeowners who are seriously underwater on their housing payments the opportunity to swim their way out and avoid foreclosure.
- Dallas, Austin, Denver, Albuquerque and Provo saw the largest increase in equity rich homeowners.
- Philadelphia, New York and Chicago were among the metros with the largest share of homeowners who qualify for the FHFA program.
- To qualify, homeowners must occupy their homes, be 90 days delinquent, have an unpaid principal of at least $250,000 and must have a loan-to-value ratio of at least 115 percent after capitalization.
SALE! Save $150 off
Inman Connect San Francisco tickets
Use code 'MDsale150' at checkout