Monday, December 16, 2013

Governor Cuomo Announces Proposal to Expand Mortgage Relief for Underwater Homeowners Through Principal Reduction

Governor Cuomo proposed to expand the mortgage relief options available to struggling ‘underwater’ homeowners, who owe more than the current market value of their homes. Using “Shared Appreciation” mortgage modifications banks and mortgage servicers reduce the amount of principal outstanding on a borrower’s mortgage in exchange for a share of the future increase in the value of the home. 

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