So the PMI, Private Mortgage Insurer, is trying another way to keep underwater homeowners in their homes and give them some principle reduction as a reward. We heard a bit about the big banks considering that a while back but I've yet to see any actually start doing it.
The entire Housing Wire article is here:
The homeowner will have to stay current for a 3 to 5 year period to start seeing the forgiveness but the Responsible Homeowner Reward program will work for some that can keep paying yet are considering defaulting since the value has declined so significantly.
Avoiding foreclosure, name of the game. The less we have in foreclosure, the more homeowners we can keep in their homes, the better for our housing recovery.
Makes me almost with I had PMI on my loan.....
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