Q&A: Mortgage-refinancing program undergoes changes

CHICAGO – Nov. 16, 2011 – The federal government on Tuesday announced the nitty-gritty details of its revamped refinancing program to help homeowners who are current on their loans but can’t take advantage of low interest rates because they owe more on their homes than they are worth.

The Federal Housing Finance Agency acknowledged that the 894,000 mortgages refinanced under the Home Affordable Refinance Program had not lived up to the Obama administration’s expectations.

The reworked effort certainly will attract the attention of homeowners in hard-hit housing markets. But not every consumer with an upside-down mortgage will qualify, and it remains to be seen how many mortgage lenders will participate.

QUESTION: Who may be eligible?

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