A homeowner who was once underwater by more than $40,000 obtained relief when the Home Affordable Refinancing Program was enhanced this past year, according to Investor's Business Daily.
The publication interviewed Eric Waugh who was stuck paying 6% on a 30-year refinanced loan for a $416,000 mortgage. His home is now appraised at $369,000, but he bought the house when it was valued at $540,000.
Waugh spent the past two years trying to refinance and grew frustrated when his underwater status barred him from most refinancing programs.
The article focuses on the most recent wave of HARP refinancing activity, which is now reaching the severely underwater mortgage population.
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