FHA Announces Principle Reductions
Below is the link for what FHA just announced. Please Note: It hasn’t been implemented yet.
If you are an optimist and do NOT have an FHA loan feel free to read it. They are saying that “total mortgage debt for the borrower after the refinancing cannot be greater than 115% of the current value of the home – including both first and any other mortgages.”
See page 2 of the PDF where it states that you must be current on your mortgage, a primary residence, etc.